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Total assets for Waikato-Tainui have passed the billion dollar mark
The tribe has reported a solid performance for the 2014 financial year, with net operating profit from its commercial arm Tainui Group Holdings rising 27 percent to $27 million.
TGH’s assets grew from $738 million to $841 million, and the tribe’s total assets stood at $1.1 billion, up from $925 million last year.
TGH chair, Sir Henry van der Heyden, says revenue of $74 million was boosted by good trading conditions at the Novotel Auckland Airport hotel and buying out the other investors in Hamilton Riverview Hotel.
The company bought a stake in Waikato Milking Systems NZ Ltd as the first step in a new strategy to invest directly in medium to large private businesses that have strong growth potential and good management.
It also started a new residential subdivision at Rotokauri in Hamilton and bought 5.4 million Genesis Energy shares.
The company paid a dividend of $13.9 million, of which $6.1 million was distributed for tribal purposes including $2.5m for education grants and scholarships and $1.2m in marae and facilities grants.
Copyright © 2014, UMA Broadcasting Ltd
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