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Te Arawa Fisheries has increased its total revenue by more than $10 million and posted a $9.3m surplus in the past 12 months, despite grappling with Covid-related challenges for a second year.
Chief Executive, Chris Karamea Insley, says he puts the successful result down to sound investment decisions and a future-focused business strategy which is opening new doors for the iwi-owned fisheries group.
“The past 12 months have been defined by Te Arawa Fisheries’ ability to deliver and progress our ka pu te ruha strategy, creating an active, resilient business focused on growing and diversifying our assets, Insley said in a statement Thursday.
“Covid-19 has continued to challenge businesses worldwide – particularly in the export and retail sectors, however, our organisation has treated these obstacles as opportunities.
“We have explored new ventures such as the development and distribution of our Hī mussels, invested in professional development and grown our work arm, Te Arawa Mahi, which helps whānau into employment.”
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In the 2021/22 financial year, Te Arawa Fisheries achieved total revenue of $14.8m – a significant increase from the $4.4m posted the previous year.
While its total expenses were $1.7m higher than the previous year, Te Arawa Fisheries still posted a net surplus after tax of $9.3m – an $8.8m increase from the 2020/21 financial year.
Insley says the organisation is actively exploring new ventures to secure the business’ viability in the face of external pressures, such as climate change, over-fishing and new regulations.
“We have made significant progress transitioning from a passive operation to an active one, from volume-based to value-focused and introducing a way of operating that reflects our four pou: Tangata, Taiao, Tikanga, and Tahua.
“This includes identifying and moving into new markets – an avenue we are pursuing with the export of Hī into Australia, Europe and America, as well as securing meaningful partnerships with the right people, at the right time.
“An example of this is the significant science-based partnership we have entered into, joining our Waiariki iwi with research and technology institutes to advance large-scale collective iwi aquaculture developments,” Insley says.
“While many organisations are finding themselves in a holding pattern while Covid-19 runs its course, Te Arawa Fisheries is growing, adding its voice to high-level discussions and progressing exciting new products.
“Te Arawa Fisheries is a living example of how we, as iwi organisations, can embody our values and harness our mātauranga Māori to create enduring and successful business models.”
The organisation's 2021 Annual Report has been released ahead of this Saturday's virtual AGM.
