Friday 24th December 2010 |
Text too small? |
Maori-owned Aotearoa Fisheries, half-owner of Sealord, posted an annual profit of $18.9 million and paid its first dividend to shareholders after a six-year grace period.
The company declared a total dividend of $9.4 million, which meant a cash payment to iwi shareholders, after Maori authority tax credits, of $7.5 million or 40% of the year's profit.
"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," chairman Robin Hapi said.
Aotearoa Fisheries was established in 2004 and manages commercial fishing assets on behalf of Maori, including inshore fishing businesses Moana Pacific and OPC, paua exporter Prepared Foods, and oyster producers Kia Ora Seafoods and Pacific Marine Farms.
The company also holds a 50% stake in Sealord.
Aotearoa Fisheries was given six years to reinvest all profits in the business before dividends were to be paid to iwi, who had been extremely patient, Hapi said.
"We've had six years' grace in which we have been able to grow AFL significantly."
NZPA
No comments yet
PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director
FBU - Retail Entitlement Offer Opens