Tuwharetoa Settlement Trust (TST) has reported a net profit of $11.2 million, after tax, for the 2014/15 financial year, representing an increase of $10 million compared to the previous year.

The Trust has also grown its asset value to $91.8 million, up from $64.1 million in just two years, and seen their value increase to $27.7 million in just three years.

Tuwharetoa has posted a net profit for the 2014/15 financial year. Photo: File.

TST Chairman, Rakeipoho Taiaroa, announced the result to iwi members at their recent annual general meeting in Taupo.

He says TST is now at its strongest asset and cash flow position since it held its first meeting in January 2013, as the newly elected trust.

'The trust is proud to have delivered this result,” he says. 'The last year has seen significant financial growth for TST, which is satisfying but it has also enabled major cultural and social achievements for our iwi.

'Our financial position means we will be able to reinstate the Ngati Tuwharetoa Marae Grants Scheme, where each marae will receive an annuity.

'This was an important target for TST and we are really happy to be able to provide this again.”

The financial position of the trust continues to strengthen with total equity (excluding minority interests) now at $26.8 million, compared to $15.7 million last year.

Rakeipoho says the strong performance was driven primarily by two major one-off transactions and a positive revaluation of TST's investment in the Kakano Investment Limited Partnership, which delivered a $3.8 million increase.

Collaboration with other Ngati Tuwharetoa entities was a key driver in the growth. During the year, TST, and five other Tuwharetoa entities, worked together to establish Hautu Rangipo Whenua Limited (HRWL).

This allowed for the sale and purchase of 8500 hectares of land in the central North Island from the Crown.

The land included around 4000 hectares of timber plantations and overall was valued at approximately $50 million.

'We were pleased to have played a part in bringing together these Ngati Tuwharetoa entities to make this purchase.

'The deal had significant strategic and commercial benefits but, most importantly, it returned land to our iwi.

'This was a major milestone after negotiating with the Crown since 2008.”

The sale and purchase was also the final phase of the Deferred Selection Process, which was agreed in the Central North Island Treaty Settlement.

Rakeipoho acknowledged the work of former General Manager, Temuera Hall. He also announced that former Chairman, Dylan Tahau, will now contract to TST as General Manager.

A copy of TST's Annual Report and further information can be found at: www.tst.maori.nz