Company to venture into East Timor

The National, Thursday July 7th, 2016

CREDIT Corporations says the company intends to establish an office in Timor-Leste.
Chairman Sir Wilson Kamit revealed this during the annual general meeting in Port Moresby.
“The news for us to venture into East Timor is already out for an official announcement,” he said.
“We hope we can have something going before the end of this year. In the next few months, we will head over to have a chit-chat with the Central Bank and other officials there. That’s work in progress.”
Credit Corp also noted progress in its operations in Fiji, Solomon Islands and Vanautu.
Fiji’s managing director Peter Dixon said last year was a record year for the Fiji’s operation.
“We had a good year in 2015, a record year for the Fiji company. Profit after tax was F$7.1 million (about K12m).
“We had an interesting start this year. Cyclone Winston had devastating effect on the Fijian people and the economy in general.
“Fundamentally Fiji has a different business compared to Papua New Guinea. We have a small transaction compared to PNG, probably an average of 20,000 transaction compared to PNG of between 100,000 and 200,000.
“We have a lot of taxis, buses, consumers who are buying their own motor vehicle. We’ve been successful, I think.”
Solomon Islands managing director Tony Langston said the operation there did well last year.
“FinCorp was established in the Solomons 10 years ago. We’ve been serving consumer and small business customers,” he said.
“We have around 300-plus customers to date. Last year we recorded an operating profit of about K4million which is consistent with the 2014 result. We expect the 2016 results to be par with the 2015.”
The Vanuatu operations noted challenges due to Cyclone Pam. Managing director Johnny Wilson said the country’s economy was recovering.