South Port New Zealand will hold its annual shareholders' meeting at Island Harbour in Bluff on Wednesday morning, closing a year that delivered record cargo volumes and profit and reshaped both its board and its share register.

Chair Philip Cory-Wright retires at the meeting after 16 years as a director, the last three as chair. Nicola Greer will succeed him, a transition first signalled in May alongside a change of chief executive.

The 11am meeting in the company's board room will also give shareholders their first chance to hear from the board since Environment Southland, the port's majority owner, sold 3.75 million shares at $8 each on 1 October.

The $30 million sale reduced the regional council's holding from about 66 per cent to about 52 per cent, leaving it in control. Jarden ran the bookbuild and underwrote the sale, which was due to settle on 5 October. South Port's announcement did not name the buyers, although Jarden Group has since filed a substantial holder notice.

Environment Southland chair Jeremy McPhail said reducing the shareholding was about reducing risk by not having too many eggs in one basket. The council plans to reinvest the proceeds in a broader portfolio, with the income used first to maintain reserves, including a disaster recovery fund, and then to ease pressure on general rates.

Record year

South Port reported a record net profit of $16.1 million for the year to 30 June, up 21 per cent, on revenue that rose 14 per cent to $71.8 million. Total cargo climbed 11.5 per cent to a record 3.96 million tonnes and container volumes reached 62,000 TEU, also a record, up 18.5 per cent.

Cargo linked to New Zealand's Aluminium Smelter at Tiwai Point rose 16.1 per cent to 942,000 tonnes, and the company credited agriculture, forestry and renewable energy project cargo for the rest of the growth. Shareholders received a fully imputed dividend of 29 cents a share, up from 28 cents.

During the year the port bought the Bluff Freight Centre to add storage for growing dairy export volumes.

Cory-Wright said the company had achieved another outstanding year, delivering record cargo volumes and earnings, and remained focused on disciplined investment, customer service, operational safety and efficiency.

Chief executive Derek Nind, a former South Port director who started on 27 July after leading CentrePort in Wellington, said the port's importance was growing with the region. "As Southland continues to grow, South Port's role as critical regional infrastructure becomes increasingly important," he said.

Nind replaced Nigel Gear, who finished in May after more than 30 years with the company, including eight and a half years as chief executive. Geoff Finnerty served as interim chief executive in between. Nind stepped down from the board on taking the job, leaving a vacancy the board has said it will fill in due course.

Outlook

The company has told the market it expects trade volumes in the current year to be broadly in line with 2025-26, supported by a diversified cargo base, but has not issued a firm forecast because of market conditions. It has flagged the absence of wind farm project cargo imports as a downside risk, along with planned investment in people and infrastructure, and has promised a further update at Wednesday's meeting.

Shareholders attending in person need photo identification at the port security gate and must register their names in advance. Online attendees can ask questions but cannot vote, and proxy votes closed at 11am last Friday. The meeting will be recorded and posted on the company's website afterwards.