The Johnstones’ fortune comes courtesy of Fulton Hogan – one of the largest privately held, vertically integrated contracting companies in Australasia.
Hanlin Johnstone retains a seat on the board of the company, which co-founded by his grandfather Bob Hogan 80 years ago.
After years of growth, Fulton Hogan had a difficult year on the other side of the Tasman as the company’s first-half profit dropped by a third.
The company reported a pre-tax profit of $70.6 million in an update to shareholders, blaming the decline on several legacy construction projects in Australia.
The company is also paring back its Fijian unit after losing its road maintenance contracts. As a result, Fulton Hogan is reassessing its long-term presence in the Pacific.
Hanlin Johnstone also sits on the boards of Vbase, Christchurch International Airport and chairs Dunedin Casinos.
Another of Bob Hogan’s grandchildren, Robert Johnstone, has a 40% stake in Island Block Farms with his wife Jean.
Jean and Robert also own a half of Glencairn Limousins, a cattle breeding operation at Glencairn near Outram in Southland.
2018: $300 million