increase font size
State Owned Enterprises Minister Paul Goldsmith.
OPINION: The Government is sending a clear signal to state-owned farming giant, Pamu (Landcorp) that things must change.
Like all other SOE’s, Pamu’s success and financial performance must be as profitable and efficient as comparable businesses not owned by the state. In other words, Pamu must do better and be in the top tier when it comes to performance by a diversified farming group.
The recent announcement that Pamu made a half-year net profit of $3m, compared to $15m the previous year, didn’t go down well with the new Government, which is already signalling cuts to civil servant numbers in Wellington.
SOE Minister Paul Goldsmith isn’t satisfied with Pamu’s performance, and for its part, Pamu is listening: the management and board say they look forward to receiving the letter of expectations from Goldsmith.
While the coalition Government has no agreement to sell Pamu, history shows that the thought has crossed National’s mind. In September 2017, on the eve of the general election, National announced that it would sell Pamu if re-elected. It is believed the announcement came as a surprise to many at the time, including Pamu’s board.
So, should Pamu not perform to expectations, National could have another look to offload the company that manages 360,000ha, which includes 83 companyowned farms and 27 leaseholds. There will be no shortage of buyers.
Pamu is a successful business and a large employer with 630 permanent staff and another 300 casuals during seasonal peaks. Over any 12 months, it farms 1.3 million sheep, deer and cattle.
To its credit, Pamu has performed well with net profit after tax of $33m last financial year, compared to $22m the year before.
However, the new Government wants Pamu to lift its game and deliver even better returns. Cabinet will soon sign off on a new chair for the Pamu board.
The ball with then be in Pamu’s court.
State farmer Pāmu is opening its farm gates this summer in an effort to give the rural sector the opportunity to see how large-scale, multi-system farming is delivering productivity and profitability across New Zealand.
OPINION: Confidence in the wool sector is rebounding as prices hit levels not seen in more than 15 years.
Bank of New Zealand (BNZ) and Pāmu (Landcorp Farming Limited) have developed a new way for landowners to earn revenue from existing native forests.
State farmer Pāmu says a programme it's running to help skilled operators into farm ownership is paying dividends.
State farmer Pāmu (Landcorp) has announced it will pay a $10 million special dividend to the Crown off the back of a strong outlook for the business and a capital repayment of $9.5 million following Fonterra's consumer business sale.
Ravensdown has reported a net profit before tax and rebate of $50.1 million for the year ended 31 May 2026.
Potatoes New Zealand has congratulated Peter Reynolds of TA Reynolds Ltd in Pukekohe on being awarded the Horticulture New Zealand Bledisloe Cup, recognising a lifetime of service and contribution to New Zealand horticulture.
Signing up to a benchmarking tool is not about competition, but about improving collectively, says Ximena Puig and Alvaro Luzardo who are 50-50 sharemilkers at a 164-hectare (effective) dairy farm in Eketāhuna in the Lower North Island.
A leading British farming politician says he's impressed with the positive attitude of New Zealand farmers that he met during his recent trip here.
OPINION: With 10,500 dairy farms, New Zealand continues to punch above its weight around the world.
The Southern Dairy Hub (SDH), which runs a demonstration farm for South Island farmers, has a new general manager.
OPINION: The Irish dairy sector is facing a new dilemma - maintaining year-round fresh milk supplies.
OPINION: Could beef cows play an increasingly important role in improving profitability and resilience on hill country farms?
