By Meriba Tulo – EMTV News, Port Moresby
Contributors to Nambawan Super have received a 3.7% interest on their contributions following the announcement of the fund’s 2018 performance. Chairman of Nambawan Super, Anthony Smare, when announcing the super fund’s Full Year Results, said despite the difficult economic climate in PNG, sound investment decisions had returned significant positive results – despite these results being much lower than previous years.
Today, April 9th, representatives of contributors to Nambawan Super gathered at the fund’s headquarters for the official announcement of financial results for 2018. The difficult circumstances were remedied through a thoughtful diversification of its investments, coupled with good governance. This meant that despite the tough times, Nambawan Super realised a net-profit-after tax of K274 million for the year 2018.
Given this finance performance, the Board of Nambawan Super also announced a crediting rate of 3.7% to be paid to all contributors of Nambawan Super. Despite this crediting rate being the lowest in the last seven years, Mr Smare emphasised that the fund continued to outperform other superannuation funds in funds in the country.
Addressing the media soon after, Chairman Smare, emphasised the importance of diversifying their investments – a measure taken by the fund over the last seven years.
Looking forward, Namabawan Super says there is opportunity for further investment growth within the country – with the Chairman hinting at further expansion of the fund’s property portfolio, not only in Port Moresby, but also in outside centres.
At the same time, Mr Smare also encouraged contributors to continue developing a savings culture now, to ensure they received full benefits from Nambawan Super’s range of investments.