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South Port Share Price Hits $8.84 After a Record Profit, But the Yield Has Shrunk

South Port Share Price Today

The South Port share price sits at about $8.84 NZD (NZX: SPN) in mid-June 2026, up roughly 40% over the past 12 months and trading close to the top of its range. South Port operates the port at Bluff, the southernmost commercial port in New Zealand, and at a market cap near $232 million it is one of the smaller listed port operators on the exchange. It is also one of the most consistently profitable.

The share price strength is not a mystery. The company has just delivered the best results in its history, and the market has re-rated it accordingly. The catch for new buyers is that the yield, long the main reason to own South Port, has compressed as the price has climbed.

Recent Performance: A Record Year

South Port's FY2025 result (year to June 2025) was a standout:

  • •Revenue up 13% to $63.3 million
  • •EBITDA up 21% to $25.8 million (earnings before interest, tax, depreciation and amortisation)
  • •Record net profit of $13.3 million, up 81%
  • •EPS of $0.51, up from $0.28
  • •Total dividend of 28 cents per share

The momentum carried into the first half of FY2026 (to December 2025), where net profit after tax rose 46.8% to $8.45 million on revenue up 17.6% to $34.75 million. Trailing EPS now sits near $0.61. For a port handling Southland's exports of aluminium, logs, dairy, and fertiliser, that is a strong run driven by volumes and disciplined cost control.

Key Metrics

  • •Share price: ~$8.84 NZD
  • •Market cap: ~$232 million NZD
  • •52-week move: about +40%
  • •P/E ratio (trailing): ~14.5x
  • •EPS: ~$0.61
  • •Net tangible assets: ~$2.66 per share
  • •Gross dividend yield: ~4.6%

The valuation tells the story of the re-rating. South Port historically traded as a high-yield infrastructure stock. After a 40% price gain, the gross yield has fallen to around 4.6%, still respectable but well below where long-term holders bought in. At ~14.5x earnings the stock is no longer cheap for a small regional port, though that multiple is supported by genuine earnings growth rather than hope.

The Big Picture: A Small Port With a Wide Moat

South Port is the only deep-water port serving the lower South Island, which gives it a natural monopoly over Southland's bulk exports. That moat is the core of the investment case. Unlike larger, more cyclical operators such as [Port of Tauranga](/stocks/port-of-tauranga) and [Napier Port](/stocks/napier-port), South Port is small, focused, and historically very efficient, often posting some of the best margins in the sector.

The flip side of a single-region port is concentration risk. A large share of throughput is tied to a handful of customers and commodities, most notably the Tiwai Point aluminium smelter. The smelter's long-term future has been a recurring overhang for the entire Southland economy, and any change there would matter directly to South Port's volumes.

What to Watch

  • •Tiwai Point: The aluminium smelter is the single biggest swing factor for South Port's cargo volumes. Its operating commitments are the most important external variable for the stock.
  • •Commodity cycles: Log, dairy, and fertiliser volumes move with global prices and the rural economy. A soft patch flows straight to the topline.
  • •Dividend trajectory: With the yield compressed, dividend growth now has to do the heavy lifting for total return. Watch whether the record profit translates into a lifted payout.
  • •Capital spending: Ports are capital-hungry. Any major dredging or infrastructure programme could affect free cash flow and dividends.

The Bottom Line

South Port has earned its re-rating with a record profit, strong first-half momentum, and the kind of moat that small monopoly infrastructure assets enjoy. The bull case is a high-quality, well-run port still growing earnings. The bear case is that after a 40% run the easy value is gone, the yield has shrunk to around 4.6%, and the whole story leans heavily on Tiwai Point staying open. This is a quality holding for income investors who already own it, but new buyers are paying up for a business with real concentration risk.

For how we think about yield, valuation, and concentration risk, see our [methodology](/methodology).

*Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice. Stock data may not be real-time. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.*