Sealaska has achieved one of the most successful years in its history, recording a net income of $43.3 million, up $29.3 from $14 million earned in 2016. These and other financial performance highlights were published today in Sealaska’s 2017 Annual Report.
Sealaska’s financial strength comes from three income sources, all showing significant increases in 2017 compared to 2016. The three net income sources include operations, investments and income generated from Alaska Native Claims Settlement Act (ANSCA) Section 7(i) revenue sharing.
Heavy financial losses in 2013 prompted Sealaska to recreate itself, transitioning its business strategy to investing in companies in Alaska and Pacific Northwest that work toward enhancing the health and productivity of the natural environment while also creating lasting value from natural resources. This strategy represents a fundamental underpinning of Alaska Native culture and identity. These changes lead to a successful platform of businesses with a long term commitment to seafood and ocean health and a $78 million improvement in net income over the last five years.
“Today, we are experiencing the positive effects of focusing on operational performance and profitability, which has a direct impact on benefits and programs for shareholders,” said Sealaska CEO Anthony Mallott. “The steady growth seen in our profitable businesses and recovery from the significant losses in 2013 are the true indications of positive change,” he said.
The success of its businesses allows Sealaska to provide meaningful and sustainable shareholder benefits. Sealaska paid a total of $22.5 million in shareholder distributions in 2017. In just the first half of 2018, more than $23 million was paid in shareholder distributions.
“The Sealaska board and management are proud that Sealaska is financially strong and able to make consistent and meaningful contributions to efforts our shareholders care about,” said Sealaska Board Chair Joseph Nelson. “In 2018, Sealaska is adding $10 million to the scholarship endowment and exploring options to offer its shareholders a bereavement benefit,” he said.
Sealaska businesses work to enhance the health and productivity of the ocean and water environments. Sealaska also searches for ways to sustainably benefit from its natural resources. Through balanced land management of our forested lands, environmental services work and our seafood investments, we look to find sustainable ways to realize income to benefit Sealaska shareholders. Our businesses are driving the success of Sealaska. By utilizing the wisdom of our ancestors, we are helping to solve the challenges of today and tomorrow.
IN THE NEWS
Read an article interviewing CEO Anthony Mallott and Board Chair Joe Nelson in the Juneau Empire here: “Sealaska Corp. Completes Huge Financial Turnaround”