Colliers NZ profit falls 29% as expenses, bad debts grow

3rd June 2025 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Colliers New Zealand has reported a net profit of $7.4m for the year to December 2024, down 29% from the prior year.

The global agent’s New Zealand results released in May showed the sharp decline in net profit came despite a relatively modest 2.6% drop in group revenue to $98.99m.

Revenue was split $44.8m in brokerage fees and $54.19m in professional service fees, down 2.9% and 2.3% respectively on FY23.

Colliers NZ saw operating expenses increase by 1.6% to $88.82m, which included a 349% jump in bad and doubtful debts to $452,049.

Employee benefit expenses totalled $68.9m – down from the previous year’s $70.82m and equivalent to nearly 70% of revenue – while premises, insurance and travel costs also ticked up. Depreciation and amortisation expenses increased slightly to $4.3m.

Despite the bottom line pressure, total equity rose 12.5% to $29.7m, driven by an increase in retained earnings to $22.44m and the acquisition of an additional 2% stake in its project management subsidiary, Colliers Project Leaders NZ, taking total ownership to 67%.

The agent said it had made no major acquisitions in 2024, after completing the purchase of Colliers Project Leaders NZ in 2023.

Colliers NZ reported no external debt, and cash on hand at the year end was $5.10m, down from $5.65m.

It paid $4m in dividends during the year, down from $6m in FY23.

The New Zealand business is by chief executive Gareth Fraser and employs more than 750 staff in over 30 locations across the country.

Colliers NZ is a wholly owned subsidiary of Colliers International Holdings (Australia) Limited, part of Canada’s Colliers International Group, which is listed on the NASDAQ in the United States and Toronto Stock Exchange.