Port Nelson has reported an underlying net profit after tax of $12.7 million for the year ended 30 June 2026, supported by strong cargo throughput of 3.8 million tonnes. Revenue increased to $96.3 million, 15% ahead of last year, and the company has declared a dividend of $6.5 million to its shareholder. Despite the strong operational result, Port Nelson reported a total comprehensive loss of $31.5 million following its annual asset revaluation, which reduced the carrying value of the Port’s assets by $51.0 million.
Port Nelson Chair, Jon Safey, said the result was achieved amid a year of challenging economic conditions for the region.
Further content is only available for registered users.
“Supported by a 66% increase in log exports following the 2025 windthrow events, Port Nelson delivered a strong underlying financial result. The Port’s performance has enabled the Board to declare a full-year dividend of $6.5 million to shareholder IHL, owned by the Nelson City and Tasman District Councils. Delivering value back to our communities is an important part of our purpose to facilitate regional prosperity.”
Safey said the revaluation did not change the Port’s commitment to investing in the future, and the business remains in a strong financial position.
“While this year’s result benefited from increased forestry activity, the revaluation reflects an expected reduction in future cargo volumes, including lower log volumes following the early harvest of windthrow timber. The valuation was also impacted by higher than expected capital expenditure associated with the completion of the slipway redevelopment project at Calwell.”
“Importantly, the revaluation does not affect our day to day operations, cashflow or ability to continue investing in the Port and the region.”
Port Nelson Chief Executive, Matt McDonald, said the year demonstrated the strength and resilience of the Port’s operations.
“Record log exports following the windthrow event contributed significantly to cargo volumes this year, while wine, fertiliser and kiwifruit also performed strongly. At the same time, softer volumes in other cargoes, including apples and sawn timber, reinforced the importance of continuing to diversify our revenue streams and grow areas of the business beyond traditional port operations.”
Beyond the financial result, the year saw progress across a number of strategic priorities. A 44% reduction in Scope 1 and 2 emissions was achieved compared with the Port’s FY2019 baseline, while Calwell’s redeveloped marine haul-out and maintenance facility has experienced strong demand since opening. Safety also remained a focus, with a major overhaul of the Port’s critical risk programme.
The Port also celebrated 125 years since the formation of the Nelson Harbour Board, in collaboration with iwi, and welcomed more than 3,000 visitors to a community Open Day. During the year, $146,000 in sponsorship funding was provided to community groups and initiatives, while the Port’s annual charity golf day raised a record $47,000 for local charity Victory Boxing.
Looking ahead, Port Nelson expects cargo volumes and underlying profitability to reduce from this year’s levels as forestry volumes reduce and economic conditions remain uncertain.
“While we expect cargo volumes to reduce from this year’s levels, Port Nelson remains financially strong and focused on the long term. Continued growth in businesses such as QuayConnect, Calwell and our commercial property portfolio, alongside ongoing investment in safety and operational capability, will help build a more resilient and diversified business into the future,” said McDonald.
Key FY2026 Highlights
- Revenue: $96.3 million
- Underlying net profit after tax: $12.7 million
- Dividend: $6.5 million
- Cargo throughput: 3.8 million tonnes
- Vessel visits: 711
- Container throughput: 105,000 TEU
- Scope 1 and 2 emissions reduced 44% since FY2019