Inuvik (May 07/04) - The Inuvialuit Regional Corporation will hand out more than $2.3 million in beneficiaries payments based on its 2003 profits.

Reporting a net-value growth of $17.5-million in the last fiscal year, each beneficiary will share in the IRC's success with a distribution (dividend) payment of $685.01. A total of $2,346,840 will be distributed to the corporation's 3,426 beneficiaries.

In 2002, the IRC posted only a $3.6-million profit and dividend payments to beneficiaries were $400.

IRC Chief Operating Officer Roger Connelly attributes the corporation's 2003 success on a major turnaround in world markets, continued improved performance of IRC's subsidiaries and issues related to an expired land concession.

As for IRC Chair Nellie Cournoyea, she couldn't be more pleased with the corporation's 2003 bottom line.

"We're really happy that it was a successful year for our corporate group and we'll continue to work for our beneficiaries," she said.

The IRC's distribution policy ensures that there is sufficient reinvestment of profits to guarantee the preservation and growth of land claim capital for future generations of Inuvialuit.

In recent years, the establishment of the Elders Assistance Program, the core funding of the Inuvialuit Education Foundation and community corporations have been possible through such reinvestment.