The Yaqara Pastoral Company Limited marked a significant milestone after presenting $4.3 million in dividend payments to the Government.
This dividend payout was part of the company's net profits in 2016 and 2017.
While receiving the cheque on behalf of the Government, Prime Minister Sitiveni Rabuka congratulated the company for its achievements and, at the same time, wished the staff and management the best in their operations.
In a statement, the Company's Board of Directors say 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.
They say the company is in a contractual obligation with Natural Waters Viti Limited for the extraction of water for which they receive royalty proceeds, which cushions the cash flow of YPCL.
The Board says 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 would increase to $15.5 million.
Moreover, the Board has also approved immediate or short-term upgrades for the company.
They say 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.
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