October 03, 2016
Christchurch rebuild keeps Ngai Tahu profits high
Te Runanga o Ngai Tahu has declared a post-distribution profit of $168.7 million, only a million dollars shy of the headline figure in its original settlement 19 years ago.
Kaiwhakahaere Sir Mark Solomon says the result is testament to the tribe’s long term investment strategy and allows it fund initiatives that strengthen and empower Ngai Tahu whanau and communities.
The runanga received a distribution of $44.2 million for the year from its commercial arm for tribal development, bringing the total since settlement to $396 million.
Over the past year $11.4m was spent on oranga (wellbeing) including business and enterprise development and homeownership initiatives, $4.6m on environmental protection and enhancement projects, $3.5m on education and $4.1m on projects to enhance culture and identity.
Total equity now stands at just over $1.2 billion, and the result represents an operating return on equity of 8.73 percent.
Ngai Tahu Holdings chair Trevor Burt the main contributors to the result were strong demand in the Christchurch housing market, strong koura sales into China and the significant upturn in the tourism industry.
During the year the company bought half shares in manuka honey specialist Watson and Son and South Island logistics company Hilton Haulage.
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