Entrust’s 327,000 beneficiaries in Auckland, Manukau, northern Papakura and eastern Franklin can expect to receive a dividend payment of $350 in late September, Entrust announced on Wednesday 30 August.
Entrust Chairman William Cairns says the dividend amount will increase this year, even though there had been an increase in beneficiaries in the Entrust district who are entitled to a dividend.
Mr Cairns said the dividend will boost Auckland’s economy by more than $110 million, with a significant portion of the money being spent with local businesses across the city.
“We know this dividend makes a difference to many in our community—we discovered in a recent survey that more than sixty percent of Aucklanders need their dividend to help meet the rising costs of living in Auckland,” Mr Cairns said.
The dividend distribution, which is New Zealand’s largest, comes from Entrust’s majority shareholding in Vector, and has contributed more than $1 billion to Auckland since Entrust, formerly known as the Auckland Energy Consumer Trust, was formed in 1993.
Commenting on Vector’s full year results released last week, Mr Cairns said Vector continues to have a strong balance sheet and continued to focus on its deliberate strategy to innovate with technology and provide superior solutions for customers.
Mr Cairns said it was positive to see Vector proactively seeking out new technologies and opportunities including winning a battery contract in Alice Springs, Australia and the acquisition of new businesses including PowerSmart and E-Co which, through its HRV brand, will deliver energy efficient solutions to consumers.
“We expect Vector’s investments in these new opportunities to contribute strongly to future beneficiary dividends,” he said.