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South Port New Zealand (SPN) briefings
Read that company's published results in release order, newest first.
South Port New Zealand (SPN)FY26Released 21 August 2026
Record NPAT hides cash conversion drop to 79% from 115%
Revenue rose 13.5% and PBT grew 28.7%, but cash conversion fell to 79.0% as working capital absorbed NZ$0.7m instead of releasing cash.
Published 21 August 2026
Read briefingSouth Port New Zealand (SPN)HY26Released 13 February 2026
Record HY26 lifts NPAT 46.6% on cargo and smelter recovery
Reported earnings ran well above the historical baseline, yet free cash flow eased to NZ$5.1m as capex stepped up and cash balances drew down.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)FY25Released 22 August 2025
PBT up 32.8% but NPAT +79.7% flattered by tax-rate reset
An unusually large NZ$9.4m working-capital release boosted operating cash flow while the prior-period 45.1% effective tax rate normalised to 25.1%.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)HY25Released 14 February 2025
NPAT up 93.3% but margins sit inside South Port's normal range
Headline rebound reflects recovery from an unusually weak HY24 rather than structural margin expansion at the port.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)FY24Released 23 August 2024
PBT fell 18.8% but dividend held drove payout to 96.1%
A NZ$6.5m working-capital release and NZ$5.75m of additional borrowings funded a 27.0-cent dividend that swallowed almost all of a tax-distorted NPAT.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)HY24Released 16 February 2024
OCF fell 83.9% and payout jumped to 64.7% as PBT collapsed 40.3%
A flat dividend on shrinking earnings and a near-empty operating cash flow was funded by an NZ$8.0m rise in gross borrowings.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)FY23Released 25 August 2023
Revenue up 10.3% but NPAT fell 8.6% as tax rate jumped to 29.1%
Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)HY23Released 9 February 2023
ROE fell to 9.3%, below range, as assets grew 20% on falling NPAT
Gross borrowings rose 42% to $35.5m to fund expansion while PBT fell 14.3% and container and log volumes contracted sharply.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)FY22Released 25 August 2022
Capex more than doubled to 48.1% of revenue, swinging FCF to -$9.7m
Reported NPAT growth of 19.6% masks a sharp investment cycle that pushed gross borrowings from $9.0m to $25.5m.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)HY22Released 8 February 2022
Gross borrowings more than doubled to $25.0m on flat HY22 revenue
Container volumes fell 23% and operating cash flow dropped 11%, while gross borrowings rose $14.0m to fund a 26.1% jump in total assets.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)FY21Released 27 August 2021
Record NPAT masks FCF squeeze as dividend tops free cash flow
Headline NPAT rose 13.8% but doubled capex cut pre-lease FCF to $4.7m, leaving the 27.0c full-year dividend at 150.7% of free cash.
Published 23 April 2026
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