The Yaqara Pastoral Company Ltd (YPCL) recently delivered a dividend payment of $4.3 million to the Fiji Government, representing part of its net profits for the years 2016 and 2017. Prime Minister Sitiveni Rabuka accepted the cheque on behalf of the government and praised the company for its accomplishments while wishing its staff and management ongoing success in their operations.
Earlier this year, YPCL appointed a new board of directors which is dedicated to transforming the company into a sustainable enterprise. In a statement, YPCL emphasized that this recent payout is indicative of effective management and governance by the new board, ensuring that shareholders receive substantial returns on their investments.
The company also has a contractual agreement with Natural Waters Viti Ltd for water extraction, which contributes royalty proceeds that bolster YPCL’s cash flow. Since 2014, YPCL has paid a total of $11.2 million in dividends to the government, and the latest payment raises the total to $15.5 million.
Moving forward, the board has approved immediate upgrades for the company, allocating $453,083 for land clearing, fencing, labor costs, fuel, and the purchasing of equipment. In the short to medium term, YPCL plans to concentrate on capital expenditures, including repairing and upgrading its buildings.