State-owned entities worth K10 billion

STATE-OWNED entities (SOEs) are worth about K10 billion compared with the revenue of K2.86 billion generated annually, a senior official says.
Isikeli Taureka, the managing director of Kumul Consolidated Holdings Ltd, the company which all state companies come under, said this in a presentation to the heads of SOEs and the board of directors on Thursday.
He said SOEs were not doing well in generating revenue.
“Our value of portfolio is K4.4 billion and in terms of dividends last year we received about K95.8 million,” Taureka said.
He said the major revenue earners were Telikom, Air Niugini, PNG Power and Ports PNG.
“K2.86 billion is the actual revenue,” he said.
Taureka said the only SOE that was badly impacted by the Covid-19 was Air Niugini.
He said PNG Ports, PNG Power and Telikom were not affected and continued their operations.