Steamships And Moore Printing Support The Hands of Rescue Foundation

by PNG Business News - July 12, 2022

Photo credit: Steamships

On Saturday, June 12, 2022, Steamships and Moore Printing handed over cheques for PGK100,000 to The Hands of Rescue Foundation (THOR). Present to witness the donation were General Manager Corporate Affairs Vele Rupa, Moore Printing Managing Director David Doig and THOR founder Dr Barry Kirby.

THOR is a Papua New Guinean non-profit organisation based in Alotau, Milne Bay Province with a focus on achieving safe motherhood for women in Papua New Guinea. Its mission is to reduce maternal mortality throughout Milne Bay and the rest of PNG.

Steamships GM Corporate Affairs Vele Rupa said, “Steamships employs over 600 women across our business, all over the country, the importance of safe motherhood is not lost on us. If there is a way for us to help in a small way, we are incredibly pleased to do so.

“The maternal health and wellbeing of our female colleagues is important to a healthy community. We recognise the fact that when women and girls are safe, healthy, educated, employed, and empowered they can contribute to all aspects of life, especially their families, and the community and nation will flourish. “

Moore Printing Managing Director David Doig said that Moore has been supporting Dr Barry for the past three years or so and has so far provided THOR with K150,000 in cash donations as well as other assistance in kind in support of promoting THOR and Dr Barry’s much-needed work.

Mr Doig said it was very pleasing to see the Steamships Group become another supporter of Dr Barry and his tireless efforts to save the lives of birthing mothers and their babies.

During the cheque presentation, Dr Barry said the donation would go towards ensuring THOR services reach the outlying island communities in Milne Bay Province.

In 2021 Steamships spent over K900,000 on community projects focusing on women, health, education, and the environment. Notable recipients have been Susu Mamas, Buk Bilong Pikinini, Bel Isi, Femili PNG and the Gateway Children’s Fund.

Moore Printing is the largest manufacturer and supplier of business forms and general printing in Papua New Guinea with a long history of providing innovative, quality paper-based business communication solutions. Moore has continued to expand its expertise and production beyond traditional offset printing & business forms to now include digital printing & variable imaging and document management solutions. Now employing over 240 people in Papua New Guinea, Moore continues to lead the way in the provision of world-class print, document, and e-business solutions.

Steamships’ time in Papua New Guinea has seen it evolve into seven distinct businesses that span three competitive industries: property, hospitality and logistics. The can-do spirit is imbued in everything it does. The business’ success has been built on creating sustainable shareholder value through long-term investment, development, diversification, operational excellence and good governance. At Steamships we believe that every day brings the potential to do things better than yesterday. We don’t just do business in Papua New Guinea, it’s our home.

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For the fiscal year 2020, Steamships Trading Company posted a profit of K78.9 million. This represents a 57.7% increase from the company's financial year 2019 figures. Consort's better efficiency, along with small contributions from the other logistics companies, helped to offset a loss in Coral Sea Hotels and a weaker outcome for Pacific Palms Property, resulting in the results. The underlying results (before major items) improved by 17.2 per cent in 2019. Chairman G.L Cundle said that, despite the negative effects of COVID, 2020 saw a moderate boost in the group's results, despite the anticipated gains from the APEC Leaders summit not materializing, resource project developments stalling, and a change in government increasing instability. Cundle said the Office of the Prime Minister proclaimed a State of Emergency in Papua New Guinea a year ago because of the global COVID-19 virus pandemic, but the country is now suffering from the virus's effects. Although increased regulatory controls and a decline in demand for goods and services have undoubtedly had an impact on companies, he believes Steamships is well placed to resolve the difficulties raised by the pandemic. “The impact of the pandemic was mostly experienced by the hospitality sector, where Steamships hotel group, Coral Sea Hotels, was immediately and deeply impacted by border closures and restrictions on domestic travel,” he said. “Our logistics businesses quickly adjusted to the new operating constraints caused by the pandemic, and whilst all were impacted, the feared worst-case scenarios have not transpired. Property occupancy and rates have suffered as expatriates have left the country as business and aid agencies scaled back their operations. The impact of reduced occupancy and rental rates may impact the property market for several years.” According to Cundle, a growing budget deficit, which limits the government's ability to stimulate the economy, together with a lack of new resource ventures, would possibly weaken corporate expenditure trust in 2021. Steamships' companies continued to adapt rapidly in 2020, despite the twin pressures of a poor underlying market and the global ramifications of COVID-19, he added. “Management will remain vigilant in managing costs while being responsive to opportunities created by challenging market conditions,” he said, “As ever, and with PNG being both our home and only substantive place of business, Steamships will continue to contribute and participate in PNG’s economic and social development. We are well-positioned for recovery and our team will continue to grow Steamships and its contribution to PNG.”


PNG Business News - September 06, 2021

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PNG Business News - March 07, 2022

Steamships Declares K90.6m Profit

Steamships Trading Company Ltd, based in Port Moresby, has declared an improved financial performance for 2021. “On the back of a strong performance in the hospitality division and a continued recovery in the shipping division, revenue increased 11 per cent to K564 million on a continuing basis and the underlying profit attributable to shareholders rose 14.8 per cent to K90.6 million,” Steamships said in a statement. “The company declared a final dividend of 1 kina per share, up 25 per cent from the prior year.” The company further said 2021 was a difficult year for the PNG private sector as a whole and Steamships’ diverse business activities, being closely integrated to the domestic economy, were impacted by the negative impacts of the COVID-19 virus and an economic slowdown. “However, prudent cost management, a dedication to customer service and cautious investment have delivered much improved results in 2021 over the prior year.” Chairman Geoff Cundle said: “This is a pleasing result for our 600,000-plus Papua New Guinean shareholders and beneficiaries, coming as it does on the back of a decade of challenges for the company. “We’ve been through some lean years that have coincided with an economic lull in PNG, and more recently we have had to adjust to the devastating impacts of a global pandemic.” Cundle highlighted that the improved results reflect hard work, making tough but timely business decisions, and a resilient and loyal workforce. “We’ve adjusted our balance sheet over time, rightsized our businesses, introduced efficiencies and made a significant investment in our business infrastructure that will accrue long-term benefits. Some of that benefit has flowed through to the numbers this year,” he stated. Steamships operate multiple divisions across the country, including Pacific Palms Property, Coral Sea Hotels, East West Transport, Pacific Towing, Consort Express Lines and Joint Venture Port Services, employing around 3,000 Papua New Guineans. The company is confident in the prospects for the PNG economy and has several exciting investments in the process. “The K500 million Harbourside precinct will be completed this year with the delivery of Harbourside South; the first portion of which will be handed over by the builders to Pacific Palms Property in March,” outlined Steamships. “In addition, two mixed-used developments, one in Mount Hagen and one in Port Moresby, will commence later in the year. “The company will remain vigilant in managing costs while being responsive to opportunities created by challenging market conditions. “Later in the year, Steamships will move its corporate office and those of Pacific Palms Property and Coral Sea Hotels into @345 on Champion Parade, the old Burns House. This move signals Steamships’ desire to play a central part in regenerating downtown Port Moresby.”   Reference: Loop (1 March 2022). “Steamships Posts K90.6m Profit”.

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