December 20, 2022
Moana books profit despite Sealord struggle
Moana New Zealand, Aotearoa’s largest Māori owned kaimoana company, has reported net profit after tax of $12 million for the 2022 financial year.
It will pay $4.8 million in dividends to its iwi shareholders.
Earnings from its directly-managed inshore fishing businesses were 25 percent above plan, while its 50 percent share of Sealord earnings was down 64 percent on plan.
Chief executive Steve Tarrant says Covid-19, inflation, supply chain pressures, and labour shortages combined to create a perfect storm.
Despite that finfish sales remained strong, and kōura or lobster earnings were $1.7m ahead of plan with export pricing remaining strong despite market closures due to China’s zero policy on Covid19.
Live pāua sales exceeded plan by 41 percent despite several airport disruptions in China.
Moana has established a consistent year-round demand for its farmed pāua kahurangi live into China.
Mr Tarrant says Sealord faced significant headwinds including adverse biological events, labour shortages and two vessel breakdowns in the middle of hoki season .