Charles Vee

Nasfund Board Chairman, Charles Vee, announced this following the approval of the funds audited results at the find Board meeting on Wednesday March 10, 2021.

The results include a Net Profit of K222.9 million and a Net Asset Value of K5.57 billion for the year ending December 31, 2020.

In a statement Chairman Vee said the results were reflective of what has been the most challenging year for the Fund, particularly against a weakened economy and impacts brought on by the COVID-19 pandemic. 

Nasfund Board Chairman, Charles Vee, said this in a statement in honour of the Late Grand Chief Sir Michael Somare.

“The Board, Management, Staff and Members of National Superannuation Fund Limited, (Nasfund), join Papua New Guinea in offering our condolences to Lady Veronica, children – Bertha, Sana, Arthur, Michael Jnr and Dulciana, Grandchildren and Great Grandchild, on the passing of our Nation’s Founding Father, Grand Chief Sir Michael Thomas Somare,” said Chairman Vee.

The rebranding was launched in Port Moresby last night.

18 years since its last rebranding, NASFUND unveiled a new look and tagline.

CEO, Ian Tarutia, highlighted the significance.

“The new logo signifies progress and change, and a desire to continuously improve. And I think more importantly it reflects the future of the fund and where we want it to be. And the tagline that it has, and Directors you chose it, its preparation for tomorrow, getting ready for tomorrow,” said Tarutia.

The 2019 Full Year Results, announced to shareholders on May 22nd, includes a Net Profit After Tax of K890 million, and a final dividend payment of K0.96 bringing total 2019 dividends to K1.34 per share to shareholders. NASFUND owns 9.7% of the largest and fastest growing bank in the Pacific Region.

Commenting on these results, NASFUND Chairman Charles Vee commended BSP Chairman Sir Kostas Constantinou & the Board, Group CEO Robin Fleming, Management and Staff for delivering sterling results for the 2019 year, even in a sustained challenging environment.

They are George Panao, and Anthony Yauieb.

Messrs Panao and Yauieb were recently appointed as independent directors to the NASFUND Board, replacing Directors Vera Raga and Graham Ainui who retired at the end of February and March respectively.

This followed acceptance of the 2019 audited accounts by the NASFUND Board at its meeting held on Thursday morning, 27th February 2020.

Chairman Charles Vee, on behalf of the Board stated that the results were positive in yet another challenging year. Chairman Vee said the Fund had demonstrated a strong resilience in attaining a positive outcome with an over budgeted performance in cash returns from investments and controlled expenses.