Port Taranaki has announced its result for the full financial year 2024-25.
For the year ended 30 June 2025, Port Taranaki recorded net profit after tax (NPAT) of $9.50 million, up $910,000 on the previous year’s normalised NPAT of $8.59m. Revenue was $54.90m, an increase of $892,000 on the $54.01m recorded in 2023-24, driven by strong revenues from bulk dry products and log exports.
A final dividend for the year of $4.00m has been declared by the Board of Directors, which will result in the company declaring an $8.00m dividend in respect of its 2024-25 financial year. The dividend payment to sole shareholder the Taranaki Regional Council helps reduce the rates demand for regional ratepayers.
Port Taranaki chief executive Simon Craddock said the port was focused on containing costs and improving asset management to ensure it is in a strong position to weather forecast energy trade reductions and capture new trade opportunities.
“While the result is very pleasing and is a reflection of the hard work and resilience of the port team and business, it needs to be considered in the context of a forecast trend of reduced bulk liquids product volumes through the port,” Mr Craddock said.
“Where just a few years ago bulk liquids volumes were at 3.0 million tonnes, making up 60% of total port trade, in 2024-25 bulk liquids were 1.31m tonnes, about 42% of total trade.
“While we forecast this to stabilise across the next three years, the longer-term forecast is for significant reductions, and we must prepare our port and business for that.
“Therefore, we are focused on reducing our costs through smart and targeted changes, containing stay-in-business capital expenditure without compromising safety or infrastructure requirements, and protecting our financial performance,” Mr Craddock said.
“At the same time we aim to strengthen and build our team capabilities and cross-team support; deliver expanded marine services; further diversify revenue streams; and improve our asset management to free up capital for the development of multi-use infrastructure that supports large future opportunities, including LNG imports, onshore and offshore wind production, oil and gas exploration, and oil and gas decommissioning.”
Mr Craddock said the resilient performance had been largely driven by strong log and bulk dry trade, the introduction of an infrastructure levy on trade-related infrastructure investment, and revised commercial arrangements with bulk liquids customers, reflecting reduced liquids volumes through port.
“Like all businesses, we’re facing increased costs. Our prices generally recognise the impact of cost increases on our business and help us maintain an equitable recovery of direct costs associated with port assets, such as insurance, cleaning costs related to trading products, and maintenance costs of Port Taranaki infrastructure.”
Through targeted cost savings, operating expenses were down $689,000, or 2.1%, to $31.72m. While personnel costs were higher because of restructuring costs, reductions in insurance, professional services, and repairs and maintenance spend helped to tighten operating expenses further.
Trade sector numbers
Total trade through the port for the 2024-25 year was 3.10m tonnes, which was 810,000 tonnes, or 20.7%, down on 3.91m tonnes the previous year.
Trade volumes were heavily impacted by lower bulk liquids volumes, which were down 846,000 tonnes, or 39.2%, to 1.31m tonnes, with methanol down 762,000 tonnes, from 1.28 million tonnes to 518,000 tonnes.
“Bulk liquids trade continues to be impacted by declining gas reserves and the pressure on the overall energy sector, which resulted in Methanex idling methanol production for periods during winter 2024 and winter 2025 to sell gas for electricity production,” Mr Craddock said.
“Ongoing energy security and affordability remain crucial issues that are vital to economic growth, prosperity and social wellbeing. If solutions are not found and enacted quickly, New Zealand risks deindustrialisation, further business closures, and deepening energy hardship.
“We welcome the Government’s $200 million investment in new gas exploration and hope this provides the industry confidence and rejuvenates offshore activity, as gas remains vital to New Zealand’s energy mix.
“We continue to work with interested parties to plan how Port Taranaki can utilise its existing infrastructure, and connectivity with national energy assets and pipelines, to enable the importation of LNG, which would provide energy security during dry periods, and provide confidence to businesses dependent on gas,” Mr Craddock said.
“Commercial considerations, including a market for the gas, are much broader and more complex than the physical infrastructure and operations, and will ultimately determine whether a project proceeds.”
At 821,000 tonnes, bulk dry trade for the 2024-25 year was up 67,000 tonnes, or 8.9%, on the previous year. This was a record trade year for bulk dry, outperforming the 819,000 tonnes recorded in 2022. It was driven by the dry summer, which saw increased amounts of animal feed brought in to support the region’s farms.
Log trade was up 3,000 Japanese Agricultural Standard (JAS) tonnes, to 948,000 JAS, halting a three-year drop in log throughput.
The decline in total trade, particularly bulk liquids, impacted vessel visits, with 241 recorded in 2024-25, which was 11 fewer than 252 in full year 2024.
Community role
Being owned by the community through the Taranaki Regional Council, Port Taranaki aims to help bolster economic growth and provide community support.
“The port is a key economic and strategic asset for the region, and we recognise the important role we play in the wider community,” Mr Craddock said.
“Putting renewed focus on this, we’ve broadened our company mission to ‘Enabling trade, fuelling regional growth’, which we believe perfectly supports our overall vision of being ‘The Pride of Taranaki’.
“In the past year, we’ve been proud to continue our sponsorship and support of many local groups, organisations and events, including the New Plymouth Community Foodbank and the Taranaki Foundation, and provide and maintain community assets, such as the Lee Breakwater boat ramp and kids’ fishing jetty.
“We continue to value our relationships with Ngāti Te Whiti hapū and Te Kotahitanga O Te Atiawa, who we have worked alongside on a number of port projects and who provide valuable input, knowledge and advice as our future port takes shape to support new trade opportunities,” he said.
Mr Craddock acknowledged the work of Port Taranaki harbour master Tony Parr, who retired at the end of June.
“Tony took up the role in 2017 and served with integrity, professionalism, and deep commitment to maritime safety. We’re grateful for his years of dedicated service and the strong relationship we developed with him. We wish him all the very best for the next chapter.”
Outlook for 2025-26
Port Taranaki chair Jeff Kendrew said the outlook for the 2025-26 year and beyond was uncertain, particularly in the energy sector. Therefore, it was important the port, through cost saving and prudent investment, was positioned to take advantage of large trade and development opportunities when they were given the green light.
“Planning port infrastructure for future multi-use needs is a key focus. Through its infrastructure and location, Port Taranaki is an important asset for New Zealand’s future energy development, production, trade, and support, and we await Government regulations that enable detailed planning and consenting, and the negotiation of commercial arrangements and investment, to get underway,” Mr Kendrew said.
“The port also seeks to leverage its capability in services, property and logistics, while maintaining and improving high health and safety practices, and ensuring environmental protection and enhancement.”
