For immediate release
19 December 2022
Iwi receive dividend for the 2021-2022 financial year
Iwi to receive share of $4.8 million dividend in challenging operating year
Moana New Zealand, Aotearoa’s largest Māori owned kaimoana company, has reported net profit after tax of $12.0 million for the 2022 financial year. Moana New Zealand’s own directly managed business delivered a result that is 25% above plan for FY22, a positive result in a challenging operating year, while its 50% share of Sealord earnings was down 64% on plan.
Operating earnings before tax and interest were up on plan by 22%, but down 18% on the prior year. While Covid19 continues to adversely affect businesses across Aotearoa, today’s economy and operating environment have additional challenges—inflation, supply chain pressures, and labour shortages combining to create a perfect storm.
Moana New Zealand navigated through these headwinds on the back of continued strong demand for our premium kaimoana and kai ora products, through our secure sales channels.
Ika (finfish) division sales remained strong through the year with overall sales exceeding plan by 3%. Key fresh chilled product customers remained loyal in domestic and export channels.
Kōura (lobster) earnings were $1.7m ahead of plan with export pricing remaining strong throughout the year, despite market closures due to China’s zero policy on Covid19.
Live pāua (abalone) sales exceeded plan by 41% despite several airport disruptions in China through the year. Canned pāua finished the year on plan, and pricing lifted over the previous year as key markets started to recover. Additionally, Moana New Zealand has established a consistent year-round demand for pāua kahurangi (blue abalone) live into China. Sales exceeded plan by 36% with more frozen sales than plan domestically and export live ahead by 44%.
We acknowledge the significant headwinds faced by Sealord this year. Adverse biological events, labour shortages and two vessel breakdowns in the middle of Hoki season have had a significant adverse impact on earnings for the year. We recognise the extraordinary effort from all the Sealord team that has gone in to mitigate these headwinds.
Despite indications of recovery for some key markets, Moana New Zealand anticipates continuing headwinds in the sector for the coming 12 months and beyond.
Moana New Zealand CEO Steve Tarrant says, “We remain confident the ‘new normal’ can be navigated drawing on the strength of our diversified portfolio; strong leadership; supplier, shareholder and customer relationships; and strength of ongoing demand for our kaimoana and kai ora products. We’re taking this time to lay the foundations for continuing success now and into the future.”
Kirikiritātangi, a purpose-built tio (oyster) hatchery opened early December 2022. Moana New Zealand’s investment will ensure a continuous supply of spat, supporting both Moana New Zealand and the Government’s aquaculture growth aspirations for Aotearoa.
Moana New Zealand’s Board Chair Rachel Taulelei says, “One of the critical success factors behind our growth plan is the reliability of spat supply, and Kirikiritātangi is key to this. The Pacific oyster industry started in the 1970s with farming methods based on catching wild spat on sticks. Our selective breeding programme began more than 20 years ago and along with improved husbandry practices, it has enabled us to produce consistently high-quality oysters year-round. It’s hugely exciting to see Māori at the forefront of the tio industry in Aotearoa.”
-ENDS-
About Moana New Zealand
Iwi are the true guardians of the world’s most pristine and sustainably managed fisheries. Moana New Zealand is the largest Māori-owned fisheries company in New Zealand (Aotearoa). It has a deep sense of responsibility to all people, respect for kaimoana and kai ora, and is dedicated to the wellbeing of future generations. It connects the world to the taste and magic of New Zealand’s best kaimoana.
For more information, interview requests or imagery please contact:
May Tien, Communications Manager, Moana New Zealand, 027 880 4522
Photos:
https://drive.google.com/file/d/1uAqh27DUKodDZC_AsIk3PvyF-Gvr1pX0/view?usp=share_link
https://drive.google.com/file/d/1niixqCOVsZF0UjL-0_IDOeu8__obEM_f/view?usp=sharing