Aotearoa’s largest Māori owned kaimoana company has reported a net profit after tax of $12 million for the 2022 financial year - meaning a $4.8m payout to Iwi.
Despite another challenging year, Moana New Zealand’s managed business delivered a result that is 25 per cent above plan for FY2.
Navigating through tough times, the company profited on the back of continued strong demand for premium kaimoana and kai ora products, through secure sales channels.
Moana New Zealand CEO Steve Tarrant said having world-class seafood and a diversified portfolio, puts the company into a strong financial position.
Moana New Zealand CEO Steve Tarrant. Photo / Supplied
“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.”
Ika (finfish) division sales remained strong through the year with overall sales exceeding plan by 3 per cent. 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 Covid 19.
Ika (finfish) division sales remained strong through the year. Photo / Supplied
Live pāua (abalone) sales exceeded plan by 41 per cent 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 per cent with more frozen sales than plan domestically and export live ahead by 44 per cent.
“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.”
Board chairwoman 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.”
