Topic: Rereātea - Midday News

Moana NZ makes biggest dividend payout to shareholders

By Online News - Rereātea, Regan Paranihi

Iwi-owned fishing company Moana New Zealand made its biggest dividend payout to 58 iwi shareholders who will receive their share of $9.7mil in dividends.

Overall, the company made a profit of $19.27mil for the year ending September 30, 2017.

Moana New Zealand Chief Executive Carl Carrington is pleased with the outcome despite ongoing external challenges.

He says, "Our strong profit was driven from growth of more than $3mil than expected in the Ready-to-Eat side of the business."

Moana New Zealand has been producing strong results, with production on the rise along with an improvement in sales of a premium product.  As a result, their aquaculture operations were another standout.

"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 Carrington.

"We are really proud to be making this record dividend payout 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."