The Yaqara Pastoral Company Ltd (YPCL) has presented a dividend payment of $4.3 million to the Government, reflecting its net profits from 2016 and 2017. Prime Minister Sitiveni Rabuka received the cheque on behalf of the Fiji Government and praised the company’s accomplishments, wishing the staff and management continued success in their operations.
Earlier this year, YPCL appointed a new board of directors, affirming their commitment to transforming the company into a sustainable enterprise. The company stated that this dividend payout demonstrates the effectiveness of sound management and good governance by the new board, which aims to provide adequate returns on investment to shareholders.
YPCL has a contractual agreement with Natural Waters Viti Ltd for water extraction, which generates royalty proceeds that support the company’s cash flow. Since 2014, YPCL has paid a total of $11.2 million in dividends to the Government, and the recent payment brings the total to $15.5 million.
The board of YPCL has also approved immediate upgrades to the company, allocating $453,083 for land clearing, fencing, labor costs, fuel, and the purchase of property, plant, and equipment. In the short to medium term, YPCL plans to focus on capital expenditures for repairs and upgrades to its facilities.