State Receives K20m Dividend

Water PNG Ltd declared an interim dividend cheque of K20 million to the State and was presented to shareholder Kumul Consolidated Holdings.

The cheque payment of K20million comprises of an interim of K10 million each for the year 2020 and 2021 financial years respectively, and the final dividend will be made available in 2022 following the completion and signing of the 2020 and 2021 audits by the Auditor General’s Office.

The dividend payment represents a consolidated dividend payment from the consolidated accounts of Water PNG post-merger, and the current Board and Management of Water PNG who successfully completed the legal merger of Water PNG with Eda Ranu in 2021 that will see a consolidated accounts subsequent dividend payment.                                         

Chairman and Ambassador for Water PNG Ltd, Aiwa Olmi said that in these difficult times they still managed to make some money and with the profits pay dividends, services, stakeholders and to stay afloat.                

“I am grateful to the management and the board of Water PNG Ltd that we are able to make a dividend payment to our shareholder. We are also grateful to Hon William Duma for leading us steadily during this period of uncertainty, this period of instability in our economy.”

This was a momentous occasion for KCH in receiving from Water PNG a large dividend, of which is exemplary of prudent management that produces positive outcomes despite the challenging business environment in the COVID era.

KCH Acting Managing Director, Dr David Kavanamur said its board and management are pleased with Water PNGs performance for the last years.      

Moreover, in the current climate, K20million dividend payment is substantial, particularly from an SOE that had recently gone through many changes and were required to do a rollout of water and sanitation projects in all provincial and district centres throughout PNG. This in line with the targets under the National WASH Policy broader targets stated in the PNG Development Strategic Plan 2030.

Minister for State Enterprises William Duma, commended Water PNG on its recent merger with Eda Ranu, and for presenting an interim dividend payment that reflects the kind of people at the board and management level.

“I am normally a hard tasked master but on this occasion I do recognize the difficulties we are all encountering caused mainly by COVID-19 as well as the normal pains that you associate with the merger process. Water PNG Ltd has done well on balance and as long as we have the same caliber of people at the board level and very good management team, I see a very good future for WATER PNG.”

Carol Kidu