Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Careful growth strategy leads to first AFL dividend

Careful growth strategy leads to first AFL dividend

Maori-owned Aotearoa Fisheries (AFL) has paid its first dividend to its iwi shareholders after posting an $18.9M profit; despite difficult trading conditions in the last year.

Established in 2004, at the conclusion of the process to settle fisheries claims between Maori and the Crown, AFL manages a stable of commercial assets on behalf of Maori, including inshore fishing businesses Moana Pacific and OPC, paua exporter Prepared Foods and leading oyster producers Kia Ora Seafoods and Pacific Marine Farms. It also holds a 50-percent share in Sealord.

At the time it was established AFL was given six years to reinvest all profits back into the business to allow a strong growth strategy to be implemented before dividends were to be paid to iwi.

AFL Chairman Robin Hapi said today that they had declared a total dividend of $9.4 million, resulting in a cash payment, after Maori authority tax credits, to our iwi shareholders of $7.5M.

“The dividend represents 40-percent of the profit for the year and $60.38 per share,” Mr Hapi said.

“AFL had delivered a satisfactory financial performance for the year with a profit of $18.9M.

“This is a credible result given the continuing effects of the global recession and an exceptionally difficult trading year for Sealord, and has allowed us to pay a substantial maiden dividend” he said.

Mr Hapi said he would like to acknowledge AFL’s iwi shareholders.

“They have been extremely patient and at the same time positive in supporting our efforts to grow the business.

“We’ve had six years grace in which we have been able to grow AFL significantly,” he said.

Mr Hapi said the first dividend marked a significant achievement for the company and recognised the efforts that many people have made over many years to ensure a durable settlement and return on the investment that all iwi have in this industry.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Retail: International Websites To Pay GST

New rules would be aimed at imported goods valued at or below $1,000. Customs would retain responsibility for collecting GST on imported parcels valued more than $1,000. More>>

ALSO:

High-Level Advice: PM’s Business Advisory Council Membership Announced

The Prime Minister’s Business Advisory Council brings together a mix of experts, six women and seven men with small to large business experience, from across New Zealand, to provide advice. More>>

ALSO:

Improving: Report Shows New Zealand Air Quality 'Good'

Our air 2018, produced by the Ministry for the Environment and Stats NZ, shows that while some previously known issues persist, progress has been made and levels of some pollutants are declining. More>>

ALSO:

Greenpeace: Govt Extends OMV Exploration Permit

The Government has just granted oil giant OMV a two-year extension to drill in the Great South Basin, despite issuing a ban on new oil and gas exploration permits in April. More>>

ALSO:

Collective Bargaining For Contractors: Working Group's Model For Screen Sector

A recommended model to allow collective bargaining for contractors in the screen sector has today been unveiled by the Government-convened Film Industry Working Group. More>>

ALSO:

Kauri Dieback: DOC Closing Tracks To Protect Trees

The Department of Conservation will close 21 tracks across kauri land to help prevent the spread of kauri dieback. An additional 10 tracks will also be partially closed and the open sections upgraded... More>>