Ngāi Tahu Holdings turns around deficit in 2021 financial results
Oct 4, 2021
Ngāi Tahu Holdings has released its financial results for the year ended 30 June 2021, announcing a $240m profit for the year.
Ngāi Tahu Holdings Chair Mark Tume says a focus on improving operating performance included working more efficiently and cohesively. Increases in the value of investments, particularly from the property portfolio also supported the strong result.
A material change management process over the past year addressed high overheads and consolidated the services that support the business units.
Tume says, “it has been a year of significant uncertainty, but we have been determined to maintain focus on strengthening our resilience and adaptability. It’s a strategy that has served us well over the past year, as we post our best ever financial result.
“It’s important that despite this positive result we continue to proceed with caution, as it’s clear the effects of the pandemic are ongoing and far-reaching.”
Mr Tume says after last year’s disappointing $25.6m loss, this positive result was a substantial achievement in growing the pūtea for Ngāi Tahu whānau. Ngāi Tahu channels its annual distributions into programmes which include grants for tertiary education and scholarships, language revitalisation, environmental projects, marae projects and many more programmes that advance the wellbeing of the iwi.
Te Rūnanga o Ngāi Tahu Kaiwhakahaere Lisa Tumahai says the exceptional result for the commercial arm of the iwi shows the importance of strength and agility in leadership during trying times, which is mirrored by the hard work and dedication by all kaimahi over the past year.
Tumahai says the financial result would be of significant value to Ngāi Tahu whānau over coming years and it was important to maintain an intergenerational focus.
“Though this outstanding result is more than we forecast, we will stick to our long-term plans and keep the distribution to the Office at $55.9m. This strategy ensures our profit is carefully managed and sustainable enough so we can continue growing our assets and delivering on key initiatives for whānau year after year.”