PNG Ports Corporation Limited has paid the State its dividend of almost K21 million for the 2020 fiscal year.
Totaling K20, 921, 465.00, this payment comes at the backdrop of last year’s net profit after tax of K83, 685, 862.
PNG Ports Board Chairman, Kepas Wali, said this payment was the outcome of prudent financial management and operational practices within PNG Ports.
He also announced that PNG Ports was in a stable financial position despite being affected immensely by the pandemic.
“Even though the current economic conditions are tough, coupled with the pandemic and the unstable performances in the overall throughput volumes at the ports, we have performed well.
“Our cash flow for this year is positive,” Mr Wali said.
He commended the board, management and staff for continuing to deliver results, and for upholding prudence, accountability and transparency in every task.
Mr Wali added that PNG Ports is a strong and viable all state owned enterprises (SOE), committed to the Government and its people and has been tirelessly working to modernise the ports in order to increase efficiency and productivity.
“During this period of uncertainty, PNG Ports is investing in its employees, and not only the port facilities.”
The Minister for State Enterprise, William Duma witnessed the presentation of dividend to Kumul Consolidated Holdings, the holding company of SOEs.