Iwi to receive share of $10.8 million dividend despite challenging operating conditions
Moana New Zealand, Aotearoa’s largest Māori owned kaimoana and kai ora company, has reported net profit after tax of $27 million for the 2021 financial year. This consolidated result is up 33% on the 2020 financial result.
Operating earnings before tax and interest were up on plan by 35%, and up 70% on the prior year. While Covid19 has continued to adversely affect businesses across Aotearoa, the benefit of having a balanced portfolio is proving invaluable for the Company.
Ika (finfish) division had a good year finishing up at 98% of plan which was an outstanding effort given labour shortages and volatile markets both domestically and overseas.
All divisions continued to be affected by the disruption of global freight (higher costs and disrupted bookings) but positively demand for product remains strong.
Kōura (lobster) FY21 earnings were $6.4m ahead of plan with export pricing remaining strong throughout the year, largely driven by the ongoing import restrictions for Australian lobster into China.
Sealord, 50% owned by Iwi, also had a solid year, reporting NPAT of $31.7 million, $5.1 million higher than plan and 8% ahead of last year.
This result is pleasing given restrictions on foreign crew delaying sailings at the beginning of the year. EBIT from both core fishing business and Petuna Aquaculture were ahead of plan and a careful focus on operational detail and sales flexibility helped to navigate through Covid19 challenges.
In this financial year, Moana New Zealand has commissioned a purpose-built tio (oyster) hatchery which is nearing completion. Lockdown restrictions and supply chain delays have meant the first commercial run of spat will be early in 2022. This investment will ensure a continuous supply of spat, supporting both Moana New Zealand and the Government’s aquaculture growth aspirations for Aotearoa.
CEO Steve Tarrant says “Our people have once again shown resilience through this latest extended period of Covid19 restrictions. I’m extremely proud of the way they have gone above and beyond as an essential service to keep each other safe and well while continuing to serve Iwi.”
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:
Michelle Cherrington, Group Communications and Sustainability Manager, Moana New Zealand, 027 298 3741
– 20 December 2021