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Restrictions on Australian lobster going on to China helped pan-Māori seafood company Moana to a $27 million after-tax profit for the 2021 financial year. up 33 per cent in 2020.
Chief executive Steve Tarrant says is its kōura earnings were $6.4 million ahead of plan, while its ika finfish division finished at 98 per cent of plan despite labour shortages and volatile markets.
Operating earnings before tax and interest were upon plan by 35 per cent and up 70 per cent on the previous year, which was badly affected by the Covid lockdowns.
Sealord, which is 50 per cent owned by iwi, reported a $31.7 million after tax profit, $5.1 million higher than plan and 8 per cent ahead of last year.
Moana will pay dividends of $10.8 million to its iwi shareholders.
Moana’s new purpose-built tio (oyster) hatchery is nearing completion, with the first commercial run of spat due early in 2022.
The investment will ensure a continuous supply of spat, supporting both Moana New Zealand and the Government’s aquaculture growth aspirations for Aotearoa.
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