Water PNG pays State K20 million dividend

WATER PNG Ltd’s interim dividend of K20 million to the State was handed over to shareholder Kumul Consolidated Holdings yesterday.
State Enterprise Minister William Duma received the payment.
The interim dividend of K20 million was made up of K10 million each for last year and this year.
The final dividend will be made available next year following the signing of the 2020 and 2021 audits by the Auditor-General.
The board and management of Water PNG have completed the merger of Water PNG and Eda Ranu.
Acting managing director Parkop Kurua said despite the challenging Coronavirus (Covid-19) environment, Water PNG was able to record a net profit of K41.1 million for the year.
“As of September, the merger of Water PNG and Eda Ranu was completed with the issue of the final assurance report from the shareholder (KCH) certifying the merger legally.
“The next phase is the post-merger transformation programme which includes business process re-alignment, branding and policy shift to reflect a modern corporate culture,” Kurua said.
KCH acting managing director Dr David Kavanamur said the KCH Board and management were pleased with Water PNG’s performance for the last two years despite the challenges of the Covid-19.
He said the K20 million dividend payment was substantial, particularly from a State-owned entity which had recently gone through a lot of changes and also required to execute an extensive nationwide roll-out of water and sanitation projects.