Ngarimu Blair with his daughter Ngatira Blair age 6 outside the new housing development on Ngati Whatua land in Orakei. Photo/Dean Purcell
The commercial arm of Auckland's largest iwi, Ngati Whatua, has released its annual report for the June 30, 2016 year revealing a 22 per cent investment portfolio value rise to reach $888.6 million.
Ngati Whatua Whai Rawa made $49.3 million annual revenue, well up on last year's $27.9 million, largely
due to this year's $18.2 million sales revenue when not a cent was recorded as sales revenue last year.
Property rental revenue, mainly from leasehold Auckland land, also rose from last year's $21.7 million to $25.8 million this year.
Net profit before tax and investment property revaluation was $13.1 million, up $10.5 million on 2015, accounts showed.
Since 2013, Whai Rawa said it had made $15.8 million cash distributions to the trust and associate Ngati Whatua Whai Maia; increased total assets by 64 per cent from $554 million; increased equity by 97 per cent from $315 million to $622 million; and contributed more than $20 million to housing initiatives.
