The Yaqara Pastoral Company Ltd (YPCL) recently disbursed $4.3 million in dividend payments to the Fijian Government, sourced from its net profits for the years 2016 and 2017. Prime Minister Sitiveni Rabuka accepted the cheque and congratulated the company on its achievements while expressing good wishes for its staff and management.
Earlier this year, YPCL announced the formation of a new board of directors committed to establishing the company as a sustainable entity. The company emphasized that this dividend payout reflects effective management and governance by the new board, ensuring shareholders receive appropriate returns on their investments.
YPCL is under a contractual agreement with Natural Waters Viti Ltd, receiving royalty proceeds from water extraction, which bolsters its cash flow. From 2014 to 2020, YPCL has paid a total of $11.2 million in dividends to the Government, and the recent payment raises the cumulative total to $15.5 million.
Additionally, the board has approved immediate and short-term enhancements for the company, allocating $453,083 for land clearing, fencing, labor costs, fuel, and the acquisition of property, plant, and equipment. In the short to medium term, YPCL plans to focus on capital expenditures aimed at repairs and upgrades to its buildings.