NSL delivers strong results

DESPITE enduring tough local and global economic conditions, Nambawan Super Limited (NSL) delivered strong results for the 2023 financial year, and 2024 is already off to a tough start, says chairman Reginald Monagi.
“Besides the increasing law and order issues, PNG is once again facing a fuel shortage, exacerbating existing issues with unrealisable power and water supply,” Monagi said.
“These ongoing challenges impact an already struggling population, business houses and economy.
“Projects in the oil and gas sector continue to face set-backs, and these delays have had an impact on the expected returns from the long-anticipated economic boom, similar to those experienced by the country more than a decade ago.
“The lack of available foreign currency continues to hamper the Fund’s ability to provide results for our members in the offshore markets, as we are not able to make use of international communities, especially as local investment opportunities lag due to the state of the economy.” He said while the NSL maintained a cautious optimism for the future, the volatile local and global environments were posing challenges.
“We will remain, vigilant as we deliver on our primary goal of protecting and growing our members’ retirement savings, while we work to support and help PNG’s economy,” he said.
“We will do this by continuing to look for investments opportunities in the country, as we have demonstrated with the Rangeview Precinct and Moki Business Park.”
Monagi said the construction of the Rangeview Precinct and the construction of the Moki Business Park were delivered in the middle of the Coronavirus (Covid-19) pandemic, when the PNG economy was depressed.
“Rangeview which opened mid-2022, represents an investment of over K290 million,” he added.
“The Moki Business Park, completed in September 2023, represents an investment of over K129 million. It will be officially opened later in 2024.”
He said the Fund made these investments at a time when others refrained from taking the risk, injecting much-needed capital into the local economy, creating employment for thousands and keeping families fed.”