Steamships’ 23 revenue at K669mil

THE Steamship Group of Companies has reported to the Port Moresby Stock Exchange a revenue from all its operations of about K669.3 million in the 2023 financial year.
Chairman Geoff Cundle said: “The past 12 months have proven to be tough in terms of underlying economic fundamentals; headwinds in both inflationary pressure and economic growth, as well as delayed progress of various natural resources projects, have dampened the post-pandemic economic recovery trajectory which started in 2022.
“Steamships, through its diversified portfolio (transport, retail, information and communication technology, property) was able to navigate such challenges and provide positive returns to its shareholders, whilst at the same time executing strategic capital investments to position itself for sustainable growth in coming years.”
The Group’s revenue grew by four per cent in 2023, largely driven by hospitality, which benefited from the influx of foreign diplomats and Pacific Island Forum leaders in the first half of the year.
Profit attributable to shareholders increased by 0.3 per cent to K58.1 million.
But underlying profit (before exceptional items) declined by 34 per cent from 2022 to K50 million.
Meanwhile, Steamships’ sales revenue, on a continuing basis, increased four per cent to K656.3 million against last year’s K631.3 million, with improved revenue across the various businesses.
Underlying profit fell by 34 per cent year-on-year, primarily reflecting a higher cost of doing business this year.
Depreciation in 2023 was K104.5 million against K95.3 million in 2022, and interest on net borrowings (excluding capitalised interest) was K1.7 million against K1.2 million in 2022.
Capital expenditure for the year was K222.8 million against K129.2 million in 2022.