By MEMO HAUKE
KINA Asset Management Limited chairman Sir Rabbie Namaliu says the company performed well beyond their expectations last year.
Sir Rabbie told the company’s annual general meeting yesterday in Port Moresby that Kina Asset Management Limited (KAML) generated an investment gain of 9 per cent and an equally pleasing net profit.
“During the year we reassessed our investment strategy to ease the wealth of downside risks and capitalise on favourable market movements,” he said.
As part of their continued commitment to providing regular returns to shareholders, KAML has declared a dividend of K0.03 per share.
“This is a small increase from 2014 but a significant step toward delivering continuous improvement and growth in the years to come,” Namaliu said.
The shares will trade ex-dividend from July 15 this year. The record date is July 22. Payment will be made to eligible shareholders on August 5.
He said KAML’s portfolio increased from K48.01 million in 2014 to K52.2 million last year.
“The result, a benefit of capital gains of an improvement in investor response and the steady increase in cash returns from higher firm investments,” he said.
“During the year, we reassessed our investment strategy to ease the wealth of downside risks and capitalise on favourable market movements.
“We implemented changes to our investment holdings in line with the outlook for sectors of best possible future growth to individual asset classes, and assets to ensure we achieved the desired balance, and returns.”
He said the current environment had been challenging for the company as markets continued to exhibit a great degree of instability.
“Nevertheless, as the performance indicates, the company remains in good stability,” Sir Rabbie said.
Bank of South Pacific and Oil Search remain their largest constituent, generating much of the income growth, with the latter supporting the future growth potential of the portfolio.
By MEMO HAUKE