Native corporations see growth in 2001

Posted: Tuesday, June 10, 2003

ANCHORAGE - Alaska Native regional corporations saw large increases in revenues and net profits in 2001 compared to the previous year, according to recently released data.

The report issued by the Association of ANSCA Regional Corporation Presidents/CEOs showed that 12 Native regional corporations in Alaska had gross revenues of $2.7 billion, up from $2.3 billion in 2000 and $2 billion in 1999, according to the Journal of Commerce.

Typically, over half of the gross revenues of all 12 regional corporations are earned by two corporations, Arctic Slope Regional Corp. and Cook Inlet Region Inc.

In 2001 ASRC earned about $1 billion in gross revenue, and CIRI earned $711 million. Net profits of the regional corporations soared from $33 million in 2000 to $455 million in 2001, mainly because of an extraordinarily large dividend paid by CIRI after the sale of its investment in wireless properties.

In 2000, the $33 million in net profits were influenced by losses at four of the 12 regional corporations. Net income for the eight regional corporations which were profitable was $167 million, but this was offset by $134 million in losses by four corporations.

In 1999, the 12 regional corporations had $135 million in net income.

Combined revenues of the 12 regional corporations in Alaska, a 13th regional corporation based in Seattle and 30 village corporations, was $2.9 billion, according to the most recent report.

Combined assets for the group also totaled $2.9 billion in 2001, the report said.

Businesses owned by the 43 corporations in the latest study employed 13,062 people in Alaska during 2001, of which 3,122 were Alaska Natives.

The combined payroll of the Native-owned corporations in the survey was $434 million. An additional 3,888 jobs and $107 million in payroll were created by the "multiplier" effect through the spending of paychecks and dividends in the economy.

Dividend payouts went down in 2001, however. During 2000, the 12 regional corporations and 11 village corporations surveyed paid $64.5 million in dividends compared with $52.1 million in 2001.

In 1999, the 12 regional corporation and three village corporations in the survey paid $49.5 million in dividends.



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