Kumul Consolidated Holdings has received a dividend of K27.5 million from PNG Ports Corporation Limited (PNG Ports) for the fiscal year 2023.
The dividend was made after PNG Ports declared a net operating profit after tax (NOPAT) of K110 million last year.
This is the third year that PNG Ports has declared a NOPAT of over K100 million.
Minister for State Enterprises, William Duma, who witnessed the presentation to shareholder, Kumul Consolidated Holdings, praised PNG Ports for being an asset to the country.
“Year in, year out, PNG Ports is one of our performing SOE’s that has seen consistent growth in declared profits and dividends,” Minister Duma said.
“I know this payment is the result of the company's good financial management and operating standards which should be emulated by other struggling SOE’s.”
In 2021, PNG Ports made a profit of K103 million and paid a total dividend of K51 million, while in 2022, K104.5 million was recorded in profits, paying a dividend of K26.13 million.
Minister Duma praised the board, management, and employees for continuing to generate results, adding that PNG Ports had doubled its results since 2018.
“The results seen here with PNG Ports is what we want to achieve under the SOE reforms that target improvements in operational performance and financial sustainability of SOEs, which in turn will lead to better service delivery,” he said.
He encouraged PNG Ports to maintain its credibility and prudent management, as the government looks to such entities to deliver services and produce higher returns for the country.
PNG Ports serves as the nation’s economic gateway, handling all of PNG’s total cargo exchange at its 15 ports. Many of these ports do not make money and are run under a community service obligatory arrangement, to provide the vital service of delivering goods to the people.
Guided by the 30 Year Infrastructure Master Plan, PNG Ports is currently on a drive to modernize its ports into fit for purpose facilities in preparation for future industry demands.
The project designs will incorporate climate change and seismic disaster resilience, with PNG Ports to self-fund most of the projects.
The Australian Government’s Australian Infrastructure Financing Facility for the Pacific, the Agence Française de Développement, European Investment Bank, and the European Union have also committed funding for various other projects.
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