Yaqara Pastoral Company Ltd (YPCL) has presented a dividend payment of $4.3 million to the Fijian Government this week, a distribution stemming from the company’s net profits for the years 2016 and 2017.
Prime Minister Sitiveni Rabuka received the cheque on behalf of the government and commended YPCL for its accomplishments, offering best wishes to both the staff and management for their ongoing operations.
Earlier this year, YPCL announced the appointment of a new board of directors and expressed its commitment to becoming a sustainable entity. The company emphasized that this dividend payout reflects effective management and governance practices that ensure adequate returns for shareholders.
YPCL has a contractual agreement with Natural Waters Viti Ltd for water extraction, which provides royalty income that supports the company’s cash flow. From 2014 to 2020, YPCL has distributed a total of $11.2 million in dividends to the government, and the latest payment brings the overall total to $15.5 million.
Additionally, the board has approved immediate upgrades 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, including repairs and improvements to their facilities.