Topic: Rereātea - Midday News

Net worth increase for Ngāi Tahu and $126.8mil net profit

By Online News - Rereātea
  • South Island

South Island iwi Ngāi Tahu has announced an annual net profit of $126.8mil for 2017. To further develop the iwi $49.6mil will be distributed to 18 Papatipu Rūnanga via Te Rūnanga o Ngāi Tahu to help strengthen and empower their whānau and communities.

Last year Ngāi Tahu made an annual profit of $168.7mil with the help of housing, crayfish, and tourism. This year’s profit is $41.9mil less but the net worth has grown.

Te Rūnanga o Ngāi Tahu chair Lisa Tumahai says, "I'm also pleased to report growth in our net worth, which has increased by $89m to $1.36b. This solid performance and increased distribution enables Te Rūnanga o Ngāi Tahu to continue to fund kaumātua grants, environmental and education initiatives, cultural development, and wellbeing programmes,"

Profits from tourism, farming, seafood, and property exceeded expectations. One of the high included the opening of the Ngāi Tahu Property development building in central Christchurch.

"A particular highlight of 2016/17 was our investment in a homeownership pilot that supported five whānau to purchase their first homes in an equity share model. Based on the success of the pilot we will be working towards rolling out this model throughout the takiwā.”

Whai Rawa, the iwi savings scheme also continues to grow both in membership and in managed funds.

Ngāi Tahu made a massive contribution to the Hurunui/Kaikōura earthquake response and ongoing recovery efforts. The iwi also celebrated the completion of the first carbon emissions report for the iwi.

"I'm pleased by our year-end result and continued growth, in a year that we have celebrated the 20-year milestone of the signing of the Ngāi Tahu Deed of Settlement.”