November 16, 2017
Ngai Tahu counts settlement benefits
Twenty years on from the settlement of its claim with the crown, South Island iwi Ngai Tahu has chalked up a net profit of $126.8m for the June year.
Kaiwhakahaere Lisa Tumahai says the net worth of the tribe increased by $89 million to $1.36 billion.
As well as making a direct distribution 49.6m to Te Runanga o Ngai Tahu to fund tribal initiatives, the tribe’s commercial arm Ngai Tahu Holdings paid $454,000 to each of the 18 papatipu runanga.
Its Whai Rawa iwi savings scheme grew both in membership and managed funds, which totaled $63.75m at June 30.
Ms Tumahai says a highlight was a home ownership pilot that supported five whanau to purchase their first homes in an equity share model.
The runanga will now roll out the model throughout the takiwa.
Group subsidiaries Ngai Tahu Tourism, Ngai Tahu Farming, Ngai Tahu Seafood and Ngai Tahu Property achieved beyond expectations, but it wasn’t so sweet for Ngai Tahu Capital.
It posted a $9 million net operating deficit after manuka honey producer Watson & Son had one of the worst seasons on record.?
Ngai Tahu Holdings chair Trevor Burt says the tribe has had a strong run in recent years because of property developments, the upturn in tourism, koura sales to China and farm conversions, but it expects the economy to flatten.
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