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

 

Iwi Shareholders To Receive Dividend Despite Impacted Year

All 58 Iwi to receive share of $8.8 million dividend as financial results finalised

New Zealand’s largest Māori-owned kaimoana and kai ora company and second largest seafood company by value and volume, Moana New Zealand, has reported a net profit after tax of $20.3 million for the 2020 financial year.

Owned by all Māori across the motu, Moana New Zealand returns a minimum of forty percent of profit to its Iwi shareholders for the benefit of their local communities, social programmes and other commercial interests. The dividend was paid last week.

Overall, Moana New Zealand’s $8.5 million operating earnings before interest and tax (excluding its 50% share of Sealord earnings) were 42 percent down on Plan and 47 percent down on 2019 earnings.

This included the impact of restrictions imposed on the global hospitality industry due to Covid19, which resulted in falling demand and increased competition from other suppliers, as well as the impact of border closures and increased international airfreight costs. By market the biggest impact was on live and chilled exports to China.

Moana New Zealand’s Chairperson, Hinerangi Raumati-Tu’ua, and Chief Executive, Steve Tarrant, say they are proud of collective efforts of Moana New Zealand and Sealord staff under challenging operating conditions.

“Despite a very difficult year the highlight was the courage, passion and commitment shown by all staff in times of great uncertainty. Being classed as an essential service was a privilege our staff took seriously,” says Raumati-Tu’ua.

Adds Tarrant: “Staff were extremely proud and in fact humbled to be able to supply our nation’s kaimoana and kai ora needs through challenging periods.”

The single biggest impact of Covid19, starting with market closures in China from late January, was on Moana New Zealand’s koura (lobster) earnings – these ended up down 53 percent on Plan and only 45 percent of 2019 earnings. Tarrant acknowledges one-off relief provided by the Minister of Fisheries which allowed carryover to the new fishing season of up to 10 percent uncaught quota entitlement.

Moana New Zealand’s ika (fin fish) business showed strength and resilience during the pandemic. Increased ika supply to both domestic and Australian fresh chilled markets helped the business when wider export markets faced restrictions which heavily impacted access and demand.

“Our domestic market channels exceeded sales expectations as Kiwi whānau continued to put healthy protein on the dining room table during the lockdown periods,” says Tarrant.

A highlight for the year was Sealord’s significant contribution following record retail market growth in response to changing consumer purchasing behaviour during the pandemic. Additionally, the incremental earnings from its acquisition of the remaining 50 percent of Petuna Aquaculture, Sealord’s Tasmanian salmon joint venture, provided an uplift to its result.

Moana New Zealand’s share of Sealord’s operating earnings after tax is $14.6m.

-ENDS-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>