[Source: Fiji Government/ Facebook]

The Yaqara Pastoral Company Limited this morning marked a significant milestone by presenting $4.3 million in dividend payments to the Government.

This payout was part of the company’s net profits from 2016 and 2017.

Prime Minister Sitiveni Rabuka congratulated the company for its achievements.

[Source: Fiji Government/ Facebook]

In a statement, Yaqara Pastoral said a new Board of Directors was appointed earlier this year, and they are committed to ensuring that YPCL becomes a sustainable company.

The company noted that this payout reflects sound management and good governance practices by the new YPCL Board and team in ensuring that shareholders receive adequate returns on their investments.

YPCL is under a contractual obligation with Natural Waters Viti Limited for the extraction of water, for which they receive royalty proceeds that cushion the cash flow of YPCL.

From 2014 to 2020, YPCL paid a total of $11.2 million as dividends to the Government, and with this payment of $4,393,525, the total dividend payout to the Government will increase to $15.5 million.

Moreover, the Board has also approved immediate or short-term upgrades for the company.

A total of $453,083 has been allocated for land clearing, fencing, labour costs, fuel, and purchases of property, plant, and equipment.