Inuvialuit profit up
Beneficiaries get $1.3 million
NNSL (May 04/98) - The Inuvialuit Development Corporation reports its year-end profits rose 12 per cent.
For the 12 months ending December 31, IDC made $12.5 million compared to $11.2 million in 1996.
Dividends based on the 1997 profits will be distributed to enrolled Inuvialuit beneficiaries.
Each beneficiary -- there are 2,886 -- will receive $426.71. Total distribution is $1.33 million.
Last year, IDC distributed $297.38 to each beneficiary for a total of $820,470.
The Inuvialuit's major subsidiaries -- development, investment, land and petroleum -- contributed to the dividend.
"The profit is a good indication that IRC is establishing financial stability and heading the right direction," Nellie Cournoyea, chief executive officer and chair of the corporation said.
For 1995, the corporation reported a $18.5 million loss after 1994's $7.6 million profit.
"We have established a strong corporate framework and have set a course of action that, in the years ahead, will provide an ever-increasing package of financial and social benefits to Inuvialuit," Cournoyea also said.
The portion of the profit not paid to shareholders, about 90 per cent, will be reinvested in financial instruments, as well as employment and training, and social and educational programs and other direct benefits such as elders payment.
On Dec. 31, 1997, the federal government made the final payment, $32 million, in association with the $52 million Inuvialuit land claim settled in 1984.