PNG Ports pays K27.5 million dividend

From Left: PNG Ports CEO Neil Papenfus, PNG Ports Board Chairman Harvey Nii, State Enterprise Minister William Duma, KCH Board Chairman Moses Maladina and KCH Managing Director Prof. David Kavanamur. (Charles Yapumi: NBC)

PNG Ports Corporation’s reputation as one of the top-performing state-owned companies was proven again this year.

The state-owned enterprise paid a whopping K27.5 million to its parent company, Kumul Consolidated Holdings [KCH] on Thursday in Port Moresby, as its dividend payment from its positive balance sheet for the 2023 financial year.

The much-needed monetary windfall for the State was an improvement from its 2022 financial year dividend, where K26.13 million was paid by the PNG Ports Corporation to KCH.

And a delighted State Enterprise Minister William Duma, as the minister responsible said, “Year in, year out, PNG Ports is one of our better performing SOE’s [state-owned enterprise] where we have seen consistent growth standards which should be emulated by our other struggling SOE’s.”

PNG Ports Corporation for the 2023 financial year, registered a net operating profit after tax of K110 million.

Chief Executive Officer Neil Papenfus said the future looks bright for PNG Ports Corporation on the back of new resource projects coming on stream.