A Maori-led fisheries company based in Rotorua has posted an increase in total revenue of $1 million
Te Arawa Fisheries shared their 2020 annual report with members at a recent AGM, highlighting the organisation’s key activities in the past 12 months, as well as its business strategy and financial position.
Despite the impact of Covid-19 on retail operations, the organisation was able to retain all its frontline staff and deliver a net surplus of $591,000, nearly 30 per cent up on the previous year.
Te Arawa Fisheries achieved total revenue of $4.5 million in 2020, up more than 20 per cent on its 2019 revenue.
Chief executive Chris Karamea Insley says Te Arawa Fisheries has always been an efficient and successful Maori organisation, charged with the responsible management of the Te Arawa fisheries assets.
“But it was also clear there were some significant challenges and risks confronting the global and national fisheries industry – even before the arrival of Covid-19,” he states, whilst suggesting the revenue highlights how the company is in a good position to ward off increasing difficulties.
“Climate change, overfishing, increasing pressure from lobby groups and changes in global demands are starting to collide in a perfect storm environment, resulting in a genuine threat to our current and future revenues.”
Chris says Te Arawa Fisheries has historically had a relatively passive strategy, however the focus in the past year and moving forward is pivoting to a more active stance.
“We have managed our assets responsibly and returned benefits to our people,” he says. “However, that passive strategy was dependent on the world continuing to revolve around us and the challenges coming down the pipeline mean this is no longer going to be the case.
“We have to change in order to survive and sustain our operation and our assets.
“Even before the world went into Covid lockdown, we had done a lot of work to pivot our organisation, future-proofing it from global trends and impacts.”
That mahi is aligned with the organisation’s reimagined business strategy - Ka pu te ruha ka hao te rangatahi (The old net is cast aside and the new net goes fishing).
“It takes us from passive to active, from volume to value and introduces an integrated and systems-thinking way of operating that speaks to our four pou: Tangata, Taiao, Tikanga, Tahua,” Chris claims.
“In practical terms, this means identifying and developing new markets and products to move up the value chain and mitigate our operation from increasing risks.
“It’s also about working smarter, using the technology and expertise that we have at our fingertips to enhance our operations, while at the same time ensuring we are steadily decreasing our carbon emissions.”