Quayside Holdings Limited Analysis

Overview

Quayside Holdings Limited (QHL) and its wholly owned subsidiary, Quayside Securities Limited (QSL), were established in July 1991. The primary objectives of the Group were to acquire at valuation the shares in the Port of Tauranga Limited (POTL), then held by the Bay of Plenty Regional Council (Council) and, thereafter, to manage the shareholding in the interests of the Council.

A further, wholly owned, subsidiary Quayside Properties Limited (QPL) was established in October 2003. The purpose of QPL is direct investment in property.

On the 7th March 2008 an offer for Perpetual Preference Shares closed fully subscribed with the total number on issue being 200,000,000 which were sold at $1 each. The shares commenced trading under the code QHLHA on the NZDX on the 13 March 2008.

Performance

The following information was extracted from Quayside Holdings Limited's half year results, released 6 March 2025

Quayside Group Performance

The Quayside Group, (refer to Note 5 excluding Port Segment), reported a net profit after tax of $30.1 million (2024: $8.0 million) for the first half of the year. The Investment Portfolio Segment contributed with $34.9 million, while Special Purpose Assets and unallocated corporate cost netted off the positive result with losses of $0.5 million and $4.2 million.

The performance is mainly driven by $35.9 million unrealised gains (2024: $21.5 million) netted off by the $2.8 million impact in overhang write-off included in trading and other expenses (2024: $10.5 million).

A major contributor to the Quayside Group’s unrealised portfolio performance is the listed assets portfolio, with $28.3 million positive impact. Managed private equity is the second contributor with $7.1 million gains.

The Quayside Group paid dividends to Perpetual Preference Shareholders during the period of $4.7 million in accordance with its prospectus. Net dividends paid during the period to the Bay of Plenty Regional Council were $24.0 million (2024: $23.5 million) in line with the current Statement of Intent.