PNG Ports announces after-tax profit of K42mil-plus

PNG Ports Corporation Ltd has announced an after-tax profit of over K42 million for the 2017 financial year, combined with a clean audit report for the same year.
Chairman Sir Nathaniel Poya said as a result of the 2017 and the 2018 financial year performances, his board had approved the payment of over K16 million to the state in dividends – K10.6 million for 2017 which represented 25 per cent of the total after-tax profit for that year, and K5.6 million, also 25 per cent of the progressive unaudited profit after tax for 2018. The dividend payment was in response to a request from Kumul Consolidated Holdings early last month to pay the dividends for the 2017 financial year and a further interim dividend for the 2018 financial year.
“Management has also advised my board that the cash flow situation for the reminder of the year 2019 demonstrates that the cash position of the business is relatively healthy and that the payment of this dividend should not affect its operations,” Sir Nathaniel announced.
He attributed the company position, combined with the positive results over the last two years and into the future, to stringent cost cutting measures that had been imposed as well as prudent management.
“The future looks good for PNG Ports, given the new and improved services provided at our key ports at Port Moresby’s Motukea International Port and Lae International Port, the on-going rehabilitation of port facilities throughout the national network under the community service obligation programme and the company’s financial management improvements,” he said.
“We are confident our latest investments into industrial real estate in Lae and Motukea (Port Moresby) will also bring in additional revenue in the years ahead.
“We are also optimistic that the Papua LNG project offers many opportunities for us and already we are in discussion with Total (PNG) Ltd to provide port logistic services to the project.”
Sir Nathaniel said there were other multimillion kina resource projects that were coming on stream in the country soon that would offer business opportunities for PNG Ports.
“We have a new government that has set the right direction to grow the economy and we intend to be in the thick of things to ensure that PNG Ports supports this government in delivering to the people of this country and economy,” he said.
“Along the way, we will grab every opportunity that comes up to enhance our business and maximise the returns to the state and the people of Papua New Guinea.”