Ho-Chunk, Inc. ended 2020 as the company’s most successful year to date with a net profit of more than $28 million, based on initial management review of financial data.
Senior leadership credits the record-setting year to the company’s rapid response to pandemic conditions and a highly adaptable workforce. This trait was especially evident throughout Ho-Chunk, Inc.’s government contracting divisions, All Native Group, Flatwater Group and HCI Construction Group. All three divisions saw significant gains in 2020, despite the bulk of the personnel working from home for the majority of the year.
The net profit was nearly double the previous record set in 2015, even after the one-time $5.5 million expense of the company’s successful ballot initiatives during the general election in November. The initiatives amended the State of Nebraska’s constitution to expand games of chance, providing the opportunity for Ho-Chunk, Inc. to help establish an entirely new industry within the state.
Other key findings from the review saw a notable decrease in the amount paid in interest which plummeted by more than $1 Million – more than 35% from the previous year.
Though final numbers will not be available until the official audit is completed next month, Ho-Chunk, Inc., its teammates, and the Winnebago Tribe of Nebraska certainly have reason to celebrate a year unlike any other.
“COVID-19 changed the business landscape around the globe, but at every level, Ho-Chunk, Inc.’s employees met the challenges of the pandemic head on. Our dedicated teammates were able to meet the needs of our customers, especially in what proved to be a highly fluid government contracting environment.”
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