By Meriba Tulo – EMTV News, Port Moresby
From next Monday (March 26), NASFUND contributors will see an 8% interest credited to their contributions – this is on the back of a K242.4 million profit for 2017.
When announcing the results, NASFUND Chairman, Hulala Tokome said despite the difficult economic climate in PNG, NASFUND’s efforts in controlling expenses, as well as positive returns on investments allowed for another positive year.
Among the highlights for 2017:
- Net profit of K 242.4 million.
- 8% interest to be credited to members accounts from 7. 25% paid for 2016 financial year.
- Gross Asset Value of K 4.62 billion representing a growth of 6.8% from K 4.32 billion recorded in 2016.
- Net Asset Value of K 4.51billion representing a growth of 7.0% from K 4.219 billion recorded in 2016.
- 14.89% increase in Cash Income of K 322 million compared to K 282 million in 2016.
- Operating expenses of K 56.1 million against budget of K 56.9 million resulting in 1.42% savings.
- 3.5% increase in total membership to 556,459 from, 537,520 members recorded in 2016.
- 3.3% increase in active employer base to 2,626 establishments.
- 9.5% increase of contribution receipts of K 493 million from K 450 million received in 2016. This is the highest ever recorded over the last 5 years.
According to Mr Tokome, NASFUND will continue to focus on enhancing member services this year, whilst at the same time actively seeking opportunities to grow membership, as well as its investment portfolio.