Top NCSL revenue from investments

 By GYNNIE KERO

NASFUND Contributors Savings and Loan Society Ltd’s (NCSL) generated top revenue last year from its various investments, which accounted for 53% of the overall take, general manager Vari Lahui said yesterday.

Speaking at the Nasfund employer’s conference, he said other revenues came from interest and fees, which accounted for 38%, while property rentals and others contributed 5%.

Lahui said NCSL had investment in the New Britain Palm Oil Ltd, Airlines PNG including properties in Milne Bay and Port Moresby.

“Obviously, 2013 was a good year for us, with the board approving a five-year strategic plan and reviewing and increasing staff remuneration to align with industry levels, carried out more product development and service enhancements,” he said.

Lahui said in the last financial year, NCSL had more than 20% net growth in profit, to K8.5 million.

During the year, the NCSL increased its remunerations package aimed to retain its good performance staff.

Lahui said: “The results were assisted by gains we had in our profits, valuation in our properties as well as positive movement in our share price. 

“We’ve got investments in NBPOL, Airlines PNG; we also have property in Alotau as well as few at 8-Mile.

Lahui said total assets grew 14.5% to K108.6 million and of this, more than half was in current assets, making the entity liquid in terms of assets.

“At the end of every year, 20% of NCSL’s profit is set aside for reserves.

“Total reserves last year was K7.4 million and total retained earnings grew to K6.2 million.

“Members’ savings deposits increased 14.2% to K94.4 million and this is a good sign because it showed more and more people are saving.