December 13, 2019
Good year for Maori fishing companies
Iwi have got more in their Christmas stocking with collectively-owned fishing company Moana New Zealand declaring its largest cash dividend on top of a 7 percent increase in profit.
The company made $22.8 million after tax for the year ended September 30, finishing the year at 109 percent of plan.
It today paid out $11.3 million in dividends to its 58 iwi shareholders.
Chair Whaimutu Dewes and chief executive Steve Tarrant say the company is beginning to realise benefits from innovation and operational improvements.
Sealord Group, which is half-owned by Moana, upped its profit by 33 percent because of strong pricing in both export and domestic markets, further profit optimisation of product formats and sales channels, a good squid season and a record profit year for Petuna Aquaculture, Sealord’s Tasmanian salmon joint venture.
Moana’s operating earnings before interest and tax were up 11 percent.
There was a 24 percent lift in profits from fin fish despite a 20 percent cut to the total allowable commercial catch for tarakihi caught off the east coast of the North and South Island.
The oyster business also achieved a 10 percent lift on plan, and lobster earnings, which are generated through its involvement with the pan-iwi Port Nicholson Fisheries business, also exceeded plan.
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