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April 20, 2021
Finance News Papua New Guinea

Nambawan Super announce net profit of K89million

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Nambawan Super Limited today announced a net profit of K89million from its 2020 financial results.

This result allowed the fund to declare a 1% interest which has been credited to members’ accounts.

Nambawan Super Chairman, Reg Monagi, says the 2020 financial results have been significantly impacted by the Coronavirus pandemic and an embattled PNG Economy.

While the result will be disappointing for members, the primary cause was the reduced values of some of the funds well established investments.

These are expected to bounce back when the economy improves.

But despite the low crediting rate, the fund.s net assets grew by 6.2% due to continued strong member contributions, and now stands at K8.14billion.

The Chairman says members must know that their funds are safe, and that Nambawan Super manages a diverse and balanced portfolio of investment.

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