KAML posts K5.53mil profit last year

THE Kina Asset Management Ltd (KAML) has performed well last year to produce a net profit after tax of K5.53 million as its best result to date, chairman Sir Rabbie Namaliu said.
The company’s profit in 2009 was K4.27 million.
Sir Rabbie also revealed at the annual general meeting yesterday that the company’s overall performance for last year was its single outstanding achievement.
This led to a recently declared and paid dividend of 5t per share following on from its maiden di­vidend of 4t per share last year.
He added that through the company’s dividend reinvestment plan scheme, 50% of shareholders were now opting to re-invest their dividends, reflecting confidence in the market and the management.
“This is the long-term programme that we will continue to offer to shareholders and we will be continuing to look for new opportunities to further improve your investment opportunities,” Sir Rabbie said.
He also pointed out that the net tangible assets remained strong as at end of April at K1.10 per share.
CEO Syd Yates explained the KAML was a listed investment fund set up to give Papua New Guineans the opportunity to invest in different industries in domestic and international markets.
He said currently there were more than 3,000 PNG shareholders with the company.
“KAML’s investment strategy is designed to provide a wide spread of investment to achieve positive returns and steady growth,” he said.
Sir Rabbie said the benchmarks set in the strategy had been achieved and would continue to expand to meet current market situations.