On Tuesday the 7th of November, the biggest and most profitable State Owned Enterprise, PNG Ports Corporation Limited payed a whopping 26.13 Million in dividend to Kumul Consolidated Holdings. The Dividend is being paid after the audited accounts of PNG Ports Audited accounts for the 2022 financial year demonstrated a net profit after adjustments of K104.5 million. The dividend declared for 2022 is therefore K52.3 million.
“The performance of PNG Ports has been outstanding, with increasing profits every year for the past few years, despite the disruption caused by Covid -19. Net profit in 2019 was K84 million, in 2021 it was K103 million and in 2022, rose even higher than the previous years. Over the past four years, PNG Ports has paid dividends of more than K144 million and taxes of K241 million, a great achievement “ reiterated Minister Duma.
Minister Duma went on to congratulate the new Chairman of PNG Ports, Mr. Harvey Nii and Directors, Joe Holloway, George Gware, Belinda Manning and Glen Darnley Stewart on their appointments by the National Executive Council on the 20th of September 2023. Minister Duma noted as well that the appointments were made after the completion of a merit based appointment process which commenced with the engagement of an independent recruitment consultant based in Brisbane, Australia to the conduct the process.
Minister Duma went on to say that both the Marape – Rosso government and KCH as the shareholder expected the Board and management of PNG Port Corporation to maintain its high standard, whilst continuing to provide efficient and affordable services and pay dividends each year.
He noted that the continued good performance of PNG Ports reflected its effective financial management and operational practices, led at present by the Officer in charge, Ian Hayden Smart and the strong governance of their board.
The minister went on to explain also that all state owned enterprises are encouraged to distribute 50% of their annual net profit as dividends and that PNG ports was demonstrating this.
