KAML made K12.7mil in profit for 2023, says official

THE PNG Stock Exchange-listed investment company Kina Asset Management Ltd (KAML) has posted a net profit after tax of K12.7 million for the year ended Dec 31, 2023.
KAML acting chairman Syd Yates said the result was driven by a strong investment return of 18.6 per cent for 2023.
“Realised and unrealised capital gains totalled K4.3 million for the year,” he said.
Yates said the KAML’s international funds, Black Rock iShares, and Vanguard International Shares were the best performers in 2023, with returns of +31.1 per cent and +31.2 per cent respectively.
He said the Fund’s Australian equities also performed strongly in 2023, despite economic conditions moderating under the weight of rising interest rates.
“The best performers (in PNG Kina adjusted terms) were Suncorp (+27.4 per cent) and ANZ (+24.6 per cent),” he explained.
“The company also sold its shareholding in Worley during the second half of the year for a total return of +22.8 per cent year, and acquired a new shareholding in consumer giant Coles (+4.5 per cent). “Contributing to this result was a K4.3 million in foreign currency exchange gains, as a result of the depreciation of the kina against the Australian dollar.”