Afognak Corp. revenue and profits on the rise

Wednesday, December 12, 2007  

Afognak Native Corp., an Alaska Native regional corporation, is seeing a rise in revenue and profits.

The corporation ended the year with revenue of $537.9 million, net profits of $18.8 million and individual dividends of $21,688. That's up from $521.9 million in revenue in 2005, income of $15.9 million and dividends of $17,000.

Executives attribute the success to the 8(a) Small Business Administration program. Alaska Native corporations quality for special government contracts that have turned them into major players.

"The program has worked and the intent of Congress is successful," Sarah Lukin, director of external operations, told The Kodiak Daily Mirror.

Overall, revenue for 16 Alaska Native corporations topped $5.85 billion in 2005, a 38.5 percent increase from 2004. Net income totaled $361 million in 2005, up from $125 million in 2004.

Get the Story:
Afognak Native Corp. defends profits (The Kodiak Daily Mirror 12/11)

$rl Afognak Native Corp. - http://www.afognak.com
Native American Contractors Association - http://www.nativeamericancontractors.org

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