The Yaqara Pastoral Company Ltd (YPCL) this week presented $4.3 million in dividend payments to the Government.
This was part of the company’s net profits in 2016 and 2017.
In receiving the cheque on behalf of the Fiji Government, Prime Minister Sitiveni Rabuka congratulated the company for its achievements, at the same time, wished the staff and management the best in their operations.
The company revealed the appointment of a new board of directors early this year and “are committed in ensuring that YPCL becomes a sustainable company”.
“It is important to note that this payout is a reflection of sound management and good governance practices by the new YPCL Board and team in ensuring that the shareholder receives adequate returns on their investment,” the company said in a statement.
YPCL, it added, is in a contractual obligation with Natural Waters Viti Ltd for extraction of water for which it receives royalty proceeds that cushions the company’s cash flow.
YPCL has paid a total $11.2 million as dividend to the Government from 2014 to 2020 and last week’s $4.39m payment would increase its total dividend payment so far to $15.5 million.
Its board has also approved the immediate or short term upgrades for the company.
A total of $453,083 has been allocated for land clearing, fencing, labour, cost, fuel and purchases of property, plant and equipment.
In the short to medium term, YPCL will focus on the capital expenditures such as repairs and upgrades to buildings, it stated.
