KAML records strong performance last year

By JACKLYN SIRIAS, Mark HaiHUIE
KINA Asset Management Limited (KAML) chairman Sir Rabbie Namaliu says the company’s K6.15 million net profit last year was positive given the country’s weak economic condition.
He told the annual general meeting yesterday in Port Moresby that the company’s performance last year was very strong as it delivered an investment return of 14.7 per cent.
“The 2016 result was particularly outstanding given the backdrop for investment markets, of sluggish conditions for the global economy and a generally weak Papua New Guinea economy,” he said.
Sir Rabbie said despite those challenges, they were able to deliver a double digit return to their shareholders, and grew KAML’s net assets from K52.6 million to K57.5 million.
He called it a remarkable achievement.
“KAML’s performance was a direct result of growth in its key investment positions,” he said.
Sir Rabbie said their domestic investment gains were mainly driven by their top performers BSP which added K3.3 million in value, and Oil Search which added K692,000 to the value of the portfolio.
“Of our ASX (Australian Securities Exchange) investments, notable gains were provided by ANZ Bank with a gain of K454, 000 and Mirvac Group with a gain of K414, 000,” he said.
Sir Rabbie said the total gains from domestic assets was K4million and gains on offshore investments amounted to K3 million over the year. He said so far in 2017, there was an ongoing good equity market performance with the company achieving an investment gain of K3.4 million for the five months to May 31, representing a 5.9 per cent return.
“The net tangible assets of the company has also risen from K1.19 at the end of December 2016 to K1.27 at the end of May 2017, reflecting the strong performance achieved in the year to date.” KAML is part of the Kina group.