NCSL receives K102,000 dividend from CloudApp PNG

NASFUND contributors’ savings and loan society (NCSL) recently received K102,000 as a dividend payment from CloudApp PNG Ltd (CAL).
CAL is a joint venture between NCSL and Fiji-based Software Factory Ltd (SFL).
According to NCSL, this was the second payment received by the society since the formation of the joint venture in February 2016.
CAL interim chief executive officer and SFL founder, Semi Tukana, said in spite of the Coronavirus (Covid-19), the joint venture was able to record another year of profit and in the process, further strengthen its financial position.
“I am pleased to announce that we declared a total dividend of K202,000 despite the tough business environment in 2020 and 2021 as a result of Covid-19,” Tukana said.
“While 2022 will be another challenging year, CAL continues to maintain its resilience and is looking forward to further improving its trading performance.”
NCSL chief executive Vari Lahui mentioned that he was certain of other opportunities out there to broaden the operations of CAL saying that realising on these opportunities would ensure greater results.
During the cheque presentation to Lahui, CAL’s board director Hulala Tokome commended his staff and management for the result which allowed a return on investment for the shareholders.
NCSL chairman Ian Tarutia said the partnership not only provided a value-adding service to the society, but also provided good returns to it.
CAL is a joint venture company which specialises in software development and was established with a share capital of K1,000 with NCSL owning 51 per cent of the shareholding and with the remaining 49 per cent held by the Fijian-based SFL. NCSL’s investment saw the society receiving its first dividend payment of K100,000 in 2020.
NCSL became CAL’s major client through the acquisition of its current core banking system, SaveLoanSmart.