South Port CEO to step down after record financial year

South Port New Zealand’s chief executive, Nigel Gear, will step down in the second quarter of 2026 after eight years of leadership and more than 30 years with the company. This announcement follows a year of record financial performance, with a normalised net profit after tax of NZ$13.9m for the year ended June 30, 2025, up 40% from the prior year. Revenue increased 13% to NZ$63.3m, and total cargo throughput rose 11% to 3.55 million tonnes.

Shareholders at the October 29, 2025 annual meeting re-elected William John Schol and elected Derek Charles Nind as directors, authorized Deloitte Limited to fix fees, and increased the maximum aggregate sum for non-executive directors to NZ$562,000, effective July 1, 2025. The company declared a full-year dividend of 28 cents per share, up from 27 cents in FY24, reflecting strong earnings and a positive outlook for continued growth in FY26.

Future growth is expected from agriculture, forestry, and stable container volumes, alongside opportunities in aquaculture, renewable energy, and data infrastructure, with significant capital investments planned. The successful channel deepening project, completed on time and under budget, has already delivered tangible benefits, improving shipping efficiency and safety.