Turners Automotive reported another record profit for the March year, despite challenging New Zealand economic conditions.

The result capped off what the company said was a decade of sustainable growth.

Turners’ dividends have grown almost threefold, from 10 cps in 2025 to 29 cps in 2025.

The company’s net profit came to $38.6m, up 17%.

”The resilience of this result demonstrates a diversified platform to navigate extremely challenging economic conditions,“ the company said.

“With strong momentum in place, the business now moves into its next stage of growth and is on track to reach its 2028 full year targets earlier than expected.”

Turners said its outlook for 2026 pointed to a recovering New Zealand economy, which would cement in a return to margin growth, with anticipated further growth in profits in 2026.

In its result, Turners said its revenue eased 1% to $414.2m in the year.

The company’s net profit before tax came to $54.3m up 10% and well ahead of its own earnings guidance.

Earnings before interest and tax came to $62.3m, up 6%.

The final dividend was 9.0 cps, taking the full year dividend to 29 cps, up 14%.

Auto retail revenue and profits were down for the year, reflecting New Zealand’s economic downturn and a tough consumer environment.

“However, margins and volumes improved in the second half, supported by disciplined pricing, a shift to domestic sourcing and repositioning inventory to lower priced cars,” the company said.

Turners Finance achieved strong revenue and profit growth, as the interest rate environment became a tailwind with net interest margin building.

Arrears remained well below market levels and the loan book continued to expand with improving quality metrics and a prudent provisioning buffer maintained, it said.

Insurance delivered solid revenue and profit growth, with momentum building in the digital/direct to consumer platform.

Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.