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PNG PORTS PAYS DIVIDEND

PNG Ports Corporation has announced its breaking record profit of K103 million.

It has its dividend payment totalling up to K51, 329, 027 from the 2021 Fiscal year.

This is almost 145% increase from 2020’s dividend of K20, 921, 465.

Earlier this year PNG Ports Corporation paid an interim dividend of K30 million.

Presenting the cheque yesterday was PNG Ports Acting CEO Rodney Begley and Chairman Kepas Wali to the Minister for State Enterprises William Duma and Kumul Consolidated Holdings Managing Director Professor David Kavanamur, at the Kumul Consolidated Holdings Head Office in Port Moresby.

Board Chairman of PNG Ports Corporation Kepas Wali said it was in the hike of covid-19 effects and the country’s economic state that the corporation has worked in.

“2021 was not an easy year as the company dealt with the nation’s current economic conditions, a post-COVID recuperating shipping industry, unstable performances in the overall throughput volumes at the ports.”

“However, with wise financial management and transparent operational practices, PNG Ports has once again proved to be profitable and remain a relevant SOE,” said Wali.

Acting CEO Begley said PNG Ports strives to be a corporation with an excellent collective team effort and the performance of 2022 will be better than the previous year.

Minister William Duma concluded by saying that the Marape Government has trusted its SOE with key board and management who is competent in delivering best results.

And PNG Ports is an example of a performing leadership Board and that is in place to provide excellent performance with a fair dividend paid back to the government.

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