Photo credit: PNG Ports Corp.
The State has received a dividend of over K21 million from PNG Ports Corporation Limited for the fiscal year 2020. This payment of K20, 921, 465.00 comes on the heels of a net profit after tax of K83, 685, 862 last year.
PNG Ports Board Chairman Kepas Wali said the payment was made as a result of the company's good financial management and operating standards.
Despite being severely impacted by the virus, he also stated that PNG Ports was in a secure financial position.
“Even though the current economic conditions are tough, coupled with the pandemic and the unstable performances in the overall throughput volumes at the ports, we have performed well.
“Our cash flow for this year is positive,” Mr Wali said.
He praised the board, management, and employees for continuing to generate results while maintaining prudence, accountability, and openness in all aspects of their work.
PNG Ports, according to Wali, is a robust and viable all-state-owned organization (SOE) dedicated to the Government and its people and has been working relentlessly to modernize the ports in order to improve efficiency and production.
“During this period of uncertainty, PNG Ports is investing in its employees, and not only the port facilities.”
The presentation of a dividend to Kumul Consolidated Holdings, the holding company of SOEs, was observed by William Duma, the Minister for State Enterprise.
Reference: Loop (29 October 2021). “PNG Ports Pays Dividend”.
