TDHL reports $10.9 million comprehensive income and lifts dividend to Council to $1.4 million
Timaru District Holdings Limited (TDHL) has reported a substantial improvement in financial performance for the year ended 30 June 2026, with total comprehensive income increasing to $10.9 million from $2.3 million in the previous year. TDHL also increased its dividend to Timaru District Council to $1.4 million, up from $1.2 million last year.
Profit for the year was $10.2 million, compared with a loss of $453,000 in 2024/25, reflecting a significant recovery in earnings from TDHL’s associate companies. TDHL’s share of associate profit increased to $9.1 million, from a loss of $4.4 million in the previous year.
TDHL General Manager Frazer Munro said the result reflected a stronger contribution from TDHL’s associate investments, alongside the continued performance of the company’s directly managed property portfolio.
“This is a materially stronger result for TDHL and our shareholder. It reflects the recovery in associate earnings, dependable returns from PrimePort and the property portfolio, and continued financial discipline across TDHL. Importantly, TDHL delivered the $1.4 million dividend committed in our Statement of Intent, while total payments to Council reached $2.84 million.”
Associate and property performance
PrimePort Timaru continued to perform strongly, reporting profit after tax of $6.9 million and paying TDHL an $800,000 dividend, up from $750,000 in the previous year. PrimePort’s performance and continued investment in critical port infrastructure contributed to the overall result.
Alpine Energy returned to profitability following the prior year’s result associated with the Commerce Commission price-path correction. This materially improved TDHL’s share of associate earnings. Alpine Energy paid no dividend during the year, with earnings continuing to be retained to support its capital programme.
TDHL’s industrial and commercial property portfolio also continued to provide stable underlying returns. Property revenue increased to $3.7 million, while the portfolio achieved a 7.2% return on
investment, exceeding its 7.0% Statement of Intent target. The portfolio was independently valued at $74.1 million at 30 June 2026, an increase of 3.4% from the previous year.
Munro said it was important to distinguish between the improvement in reported associate earnings and the cash returns generated by TDHL.
“The improvement in the reported result reflects Alpine Energy’s return to profitability and PrimePort’s continued performance. However, the equity-accounted earnings of our associates do not necessarily represent cash available to TDHL, which is why we remain focused on both underlying operating performance and sustainable cash returns.
“The areas TDHL directly manages continued to perform well, with the property portfolio exceeding its return target.”
“EBITA excluding revaluations was $2.34 million, below the $2.56 million target because of the deferred settlement of the remaining Showgrounds land to the 2026/27 financial year. Despite that timing issue, TDHL was able to deliver the targeted $1.4 million dividend to Council.”
Investment Fund and portfolio strategy
TDHL established its Investment Fund in December 2025, investing a total of $3.0 million during the year. At 30 June 2026, the fund had a fair value of $3.155 million and had delivered an annualised return of 9.1%.
The audited TDHL 2026 Annual Report is available at:
For more information please contact:
Frazer Munro, GM TDHL, Mobile 027 220 5545