Iwi-owned fishing company Moana New Zealand has today made its biggest dividend pay out to shareholders yet. The 58 Iwi shareholders will receive their share of the $9.7 million dividend.
The company made an overall profit for the year ending September 30, 2017, of $19.27 million.
Moana New Zealand Chief Executive, Carl Carrington, says he is pleased with the result, especially considering ongoing external challenges.
“Our strong profit was driven from growth of more than $3 million than expected in the Ready-to-Eat side of the business,” he says.
Moana New Zealand’s aquaculture operations were another stand out, producing strong results with production up, along with an upturn in sales of premium grades.
“That was balanced out by a downturn in profits from lobster and fin fish, which have been affected by a softening in pricing for these products in the Chinese market, and reductions in harvest” says Mr Carrington.
The financial year also brought good results from Sealord in operational performances both at sea and onshore processing. The Hoki season produced strong operational and sales results.
“We are really proud to be making this record dividend pay out to our shareholders, all the while balancing making a profit with practical measures we put in place to ensure the ecosystem we operate in is there for future generations.”