Sealaska Invests in People and Planet While Achieving Record Financial Performance in 2019
Friday, May 1, 2020
JUNEAU, Alaska – Sealaska topped its 2018 results with another record year in 2019, reporting net income of $77.8 million, $12.6 million over the previous year. Revenue of $700 million in 2019 was the largest in Sealaska’s nearly 50-year history. Its 2019 Annual Report features financial successes, as well as achievements in community impact, ocean health, land protection and sustainable seafood operations.
“Committing to care for our oceans and lands while instilling workplace behaviors inspired by our core Native values has created unprecedented business growth and a dramatic turnaround of our finances,” said Anthony Mallott, Sealaska president and CEO. “I believe we will create long-term success by being true to who we are — who we’ve been for 10,000 years and who we will be for 10,000 more.”
After years of financial losses, Sealaska shifted its strategy in 2014 to focus on businesses that improve air and water quality, protect fisheries, and improve the health of streams and waterways. Since 2015, the company’s revenue has grown six-fold, reflecting dramatic growth in operations over a relatively short time.
“While the size of our revenue isn’t as important as the size of our profits, the magnitude of the increase highlights the growing scale of our businesses and the success of our three operating platforms in food, land and water,” Mallott said. “We will continue to invest in and grow our operations, so they can be the main contributors to increases in all financial categories.”
Sealaska’s business success enables it to invest in a range of community benefits its Alaska Native shareholders value, including cultural preservation, education, workforce development, and programs to support youth. In 2019, the Sealaska board of directors established a $10 million fund to support Lingít (Tlingit), Xaad Kíl (Haida), and Sm’algyax (Tsimshian) language revitalization. In addition, Sealaska’s shareholder distributions have more than doubled from two years ago, reaching the highest level in more than 20 years.
“At Sealaska, we take inspiration from our Elders’ vision for maintaining our way of life and passing it on to our grandchildren,” said Sealaska Board Chair Joe Nelson. “Over the next year, Sealaska and our affiliated nonprofits, Sealaska Heritage Institute and Spruce Root, will develop a 100-year plan. This plan will lay a solid foundation for future generations.”
To read the full 2019 annual report, visit: https://mysealaska.com/Services/AnnualReports
Sealaska shareholders are now able to view and download their IRS Form 1099-DIV for 2023. Printed 1099 tax forms will be mailed on or before Jan. 26.