PNGPCL pays dividends

STATE-owned PNG Ports Corporation Ltd (PNGPCL) will pay K17 million in dividends to the government through the Independent Public Business Corporation from its unaudited pre-tax profit of K96.9 million.
The company paid an interim dividend of K8.5 million on Monday night, which represented 50% of the sum  it intended to pay as dividend for the 2012 financial year.
“The balance will be paid once the statutory audits are completed,” chief executive officer Stanley Alphonse said.
The company posted an unaudited pre-tax profit of K96.9 million for the 2012 financial year – up from the K41.2 million pre-tax profit in  the previous year.
Alphonse said net assets of the company grew from K840.3 million in 2011 to K908.2 million last year.
“The exceptional performance of the staff, combined with prudent management and commitment from my team, has positioned PNGPCL strategically to meet the challenges ahead,” he said.
“The situation has changed markedly over the past 12 months.”
Alphonse said revenue increased from K248 million in 2011 to K276.5 million last year, while costs fell by some K9.5 million, from K189 million in 2011 to K179.6 million last year.
“This has been achieved through tightening up on internal controls and governance, rooting out corruption, theft and revenue leakages,” he said.
“Management has balanced the asset register to the general ledger for the first time in the company’s history after years of neglect and inaction.
“This will assist the company in obtaining audited accounts free of disclaimers in the future and also show a more professional face to any prospective financiers or project partners moving forward.”
Alphonse said PNGPCL was committed to serving the government and people of PNG by carrying out strategies that removed obstacles to enable trade and commerce to flourish and drive the economy forward.
The corporate strategic plan, the first to be developed and implemented by a state-owned entity and aligned with national development plans and goals, was launched by Minister for Public Enterprises and State Investments Ben Micah on Monday night.
It is the blueprint to guide the company over the next two decades.
“With the support of management, a 20-year corporate strategic plan was developed over an eight-month period,” Alphonse said.
“To aid the achievement of the strategic goals, subsequent three-year business plans will be developed and carried out.
Alphonse said the initial plan was being implemented.
“Operationally, significant adjustment and restricting had to be made.
“The company had grown too fat with administrative and support functions, which were trimmed to ensure that we had a lean structure concentrated on running our core business.”