Richard Allen to Take Top Job at Fonterra
Fonterra says Richard Allen will succeed Miles Hurrell as its new chief executive.
The special dividend is separate from Pāmu’s standard dividend policy and reflects a non-operating capital receipt, rather than core trading activity.
Including the special dividend, Pāmu will have paid $25 million in dividends to the Crown in the 2025/26 financial year.
Mark Leslie, chief executive of Pāmu, says the payment is reflective of disciplined capital management and continued balance sheet resilience.
"Strong performance across the business has delivered a net operating profit of $26 million at the half year, with Pāmu on track for a record full-year profit of between $97 million and $107 million," Leslie says.
"As we reach the midpoint of our five-year reset, this performance has given the board confidence to make this payment," he adds.
Leslie says that in the past three years the state farmer has focused on lifting on-farm performance, improving productivity, and running a tighter, more disciplined business.
"The results we're seeing reflect the commitment and hard work of our teams across the country," he says.
"As a State-Owned Enterprise, Pāmu manages its land and farming portfolio to deliver a financial return, return land under Te Tiriti o Waitangi settlements, and grow the future of agriculture for generations of New Zealanders," Leslie says.
"Our strong commercial performance requires high people, environmental, and animal welfare outcomes, as well as responsibility for the communities in which we operate."
