WampNga posts K11m profit

Business, Normal

The National, Monday 3rd June 2013


THE WampNga Group of Companies has declared an unaudited profit of K11 million for the period 2008-12.

Board chairman and Western Highlands Deputy Governor Wai Rapa announced this at an interim shareholders meeting last Friday at Hotel Kimininga in Mt Hagen, Western Highlands.

Rapa also declared K1 million dividends to shareholders — the Anglimp, Nebilyer and Hagen rural local level government councils.

He said Anglimp and Nebilyer would receive K200,000 each while Hagen would get K600,000 depending on the needs of each local level government after the council election.

The company that almost went bankrupt in early 2000 was now on track to expand its business activities to other provinces.

Rapa told the shareholders that the K11 million profits declared was based on their records.

“Our books from 2008 to 2012 are with the auditor-general’s office. They have not come back to us to confirm our unaudited profit,” he said.

Rapa told the shareholders that their company was internationally recognised.

He said during the last two years, they have formed partnerships with big trucking giants such as Volvo, Renault, Western Star based in France and Denmark and, recently, with a light vehicle manufacturer in China.

He said about 65% of their profit comes from the sale of big trucks.

Rapa told the shareholders that this good performance came about as a result of a new management being put in place and with the company being restructured twice during the last two years under the leadership of Jim Maxwell as chief executive officer.

He said under Maxwell’s leadership, they now have business operations in Lae, Goroka, Wabag and Hides in Hela apart from Mt Hagen.

He said that the people’s companywas  not what it used to be in the past – it has grown bigger and stronger every time.

Rapa told the shareholders that they would not use all profits, adding about 90% of the profits would be reinvested back into the company and further expands their operations.

Maxwell said WampNga was not longer a sleeping giant, under the good leadership of Rapa and his board of director willingness to accept the change and provide good directive, the perform well and achieved good result.