The Yaqara Pastoral Company Ltd (YPCL) announced this week that it has issued $4.3 million in dividend payments to the Government, stemming from its net profits in 2016 and 2017.
During the presentation of the cheque, Prime Minister Sitiveni Rabuka congratulated YPCL on its success and wished well for its staff and management in their operations. Earlier this year, the company appointed a new board of directors, emphasizing their commitment to making YPCL a sustainable organization.
YPCL stated that the recent payout is indicative of effective management and good governance by the new board, ensuring that shareholders receive appropriate returns on their investments. The company also has a contractual agreement with Natural Waters Viti Ltd for water extraction, which provides royalty proceeds to support its cash flow.
From 2014 to 2020, YPCL has distributed a total of $11.2 million in dividends to the Government, and the recent payment of $4.39 million raises the total to $15.5 million. Additionally, the board has approved immediate short-term upgrades for the company, allocating $453,083 for land clearing, fencing, labor costs, fuel, and the purchase of property, plant, and equipment. In the near term, YPCL will direct its focus toward capital expenditures, particularly repairs and upgrades to its buildings.