Revenue & Distributions to Council
Information on this page is currently being updated (July 2026).
HBRIC aims to ensure that HBRC receives a steadily increasing income stream from the Group Investment Portfolio.
HBRIC pays dividends to the Regional Council after taking into account its profitability, future investment, and cash management requirements.
Dividends are forecast and set out in the annual Statement of Intent.
Over the ten-year period from FY13 to FY22, HBRIC delivered an average return on investments of approximately 14% post-tax – driven by the outcome of the Napier Port IPO in 2019.
Here are the key milestones affecting HBRIC’s portfolio performance over time.
Pre-2019
HBRIC's portfolio was essentially a single asset, its 100% shareholding in Napier Port. Dividends from the Port were the sole material revenue source.
August 2019
HBRIC sold 45% of Napier Port via IPO, retaining a 55% majority stake. IPO proceeds were deployed into managed fund portfolios and other investments, marking a significant shift in portfolio composition.
FY20 - FY22
The portfolio experienced elevated volatility due to Covid-19 disrupting Napier Port dividends, and managed fund values fluctuating with global markets.
February 2023
Cyclone Gabrielle caused significant regional disruption, leading to Napier Port dividends reducing in FY23 and FY24 and highlighting the concentration of geographic risk within the investment portfolio.
October 2024
Managed funds transferred to Harbour Asset Management.
FY25
A year of strong performance recovery across the portfolio, with total value returning to $577m and $15m in distributions to the Regional Council.
The 2019 Napier Port IPO took HBRIC’s share from 100% to 55%. Since then, Napier Port dividends received by HBRIC have been variable, reflecting Covid-19 impacts, the opening of Te Whiti (6 Wharf) and Cyclone Gabrielle in February 2023.
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Note: HBRIC and Napier Port financial years do not align (HBRIC’s being a June financial year, the Port being September). HBRIC receives Napier Port’s final annual dividend (~December) and interim dividend (~June) within its 30 June year.