Ports records K83m profit

PNG Ports Corporation Limited (PNG Ports) posted K83 million as profit for the 2020 fiscal year and paid a dividend of more than K21 million to the government.

These double announcements were made yesterday by Chairman of PNG Ports, Kepas Wali, while making a cheque presentation of K11, 410, 832.50 as dividend to the Government.

This payment is from the company’s 2019 audited net profit after tax and is the remainder of the K9, 634, 146.12 paid in November last year.

This brings the total dividends paid for 2019 to K21, 044, 978.50.

Mr Wali said while the state owned enterprise (SOE) could pay more, its concessional loan agreement with the Bank of South Pacific allows it to pay only 25% of its profit as dividend.

Despite the gloomy economic situations the country is currently faced with, Mr Wali said PNG Ports was pleased to record a profit and pay its dividend.

“The profit and dividend payment is the result of stringent cost cutting measures and strategic decisions that management had to make,” Mr Wali said.

“Last year, PNG Ports which is reliant on trade, was hard hit after the closure of borders and restrictions surrounding the COVID-19 pandemic.”

“The adverse impacts of the pandemic on our business was costly but we are satisfied that we made a profit and are able to pay our dividend back to State.”

“Cargo volumes are picking up but very slowly, and revenue is fluctuating but this is being managed well. We are seeing positive outcomes and hope to maintain this going forward.”

“PNG Ports has seen positive outcomes and we hope to maintain this going forward. We will continue to upgrade our services, invest in the facilities and our employees.”

“I trust my colleagues in the Board, and have great confidence in the Management and staff of PNG Ports who continue to deliver results. Thank you for your hard work, and continue to uphold prudence, accountability and transparency in every task,” Mr Wali said.

Last year, PNG Ports also paid off its taxes of more than K43 million for taxes owing from 2019 and the advance tax payments for 2020.