Our businesses continue to drive our growth at Sealaska. For the fourth year in a row, we are on track to hit our financial target and expect to be profitable before 7i and investment income. Since 2012, our businesses have improved net income by nearly $17M.
Our businesses continue to drive our growth at Sealaska in 2017 and we are on track to achieve our short-term financial goal that net income from our businesses will cover our costs and our non-business investments in community and culture related activities.
This goal was the primary financial goal within our 2012 strategic plan. In our plan, our target was to be profitable before 7i and investment income by the end of 2017.
We have passed the halfway point of 2017 and we expect to hit this short-term goal by the end of year. We also expect to surpass the total net income forecasts provided within our annual report and at our annual meeting (see annual meeting presentation).
We are excited about our future. Natural resources, government services, and seafood, our three business segments, continue to drive the improvements and growth at Sealaska. Our recent acquisition of Odyssey Foods in April is having a strong year. Seafood is just one component of a much larger ocean and water industry. We will continue to look for additional investments into this growth industry, one that matches well our strategic focus and interests as Tlingit, Haida, and Tsimshian peoples.
For at least the last 11,000 years, we’ve been coastal people living in a marine environment rich in healthy foods that provided a strong foundation for our flourishing cultures. We were able to sustain one of the largest non-agriculture populations in the history of the world because of the vast abundance of our marine and coastal waters, which provided us everything from salmon and herring eggs to seal oil and hooligan grease. Combining our history with relevant businesses allows us to draw on the strengths of our people and culture.
Our activities are closer to home in Alaska and the Pacific northwest compared to 2012. We have focused on meaningful businesses like ocean engineering and management, environmental water monitoring services, data analytics, and natural foods—businesses that are profitable and growing, match our values, are located closer to home, and are in industries with strong futures. Our purposeful actions aim to help protect the health and sustainability of our waters near our ancestral homes in Southeast Alaska as well as the ocean, marine, and fresh water systems in the Pacific Northwest and beyond.
As we move forward beyond this year, we are excited to continue to highlight the financial strength and diversification of income that Sealaska is achieving. Our businesses are driving this growth, and along with 7i and investment income, are providing opportunity for Sealaska to continue to grow and achieve our mission for our shareholders.
We are on track to hit our goal in 2017 to be profitable before 7i and investment income, showing strong results across all businesses, investments and natural resource income.