Firm to pay dividend

 SHIRLEY MAULUDU
FINANCE company Credit Corporation has announced a 14 toea per share dividend to its shareholders.
This was revealed by board chairman Sir Wilson Kamit during the company’s annual general meeting last Thursday.
“We (board members) decided that we would be paying 14 toea per share for 2015 compared to previous two years where we paid 13 toea,” Sir Wilson said.
Gabriel Tai, the chairman of the Teachers Savings and Loan Society which is Credit Corporation’s third largest shareholder, welcomed the dividend announcement.
“The dividend is an improvement from the previous year. On behalf of other shareholders, I thank the board of Credit Corporation for steering this organisation through,” he said.
According to its 2015 annual report, the corporation and its subsidiaries recorded a profit-after-tax of K63 million for the year ending December 31 last year – a 158 per cent increase.
Company director and chief executive officer Robert Allport said: “Despite 2015 being a difficult year in PNG Credit Corporation (PNG) Limited, again achieved solid results.
“With the slowdown in the PNG economy continuing, low commodity prices and lack of foreign exchange availability demand for both our core business of finance and property continue to be under pressure.”  According to the report, shareholders equity had continued to grow and has now reached K743.69 million while total assets have grown to a record K1.17 billion. Net asset backing per share had grown to K2.36 and expense to income ration had been maintained at 37.1 per cent.