• PNG Business News

Credit Corp Records K132m Profit



Credit Corporation Limited (PNG) has recorded a net profit after tax of K132million for its financial year 2019.


Chairman Syd Yates is pleased with the result attained during his 17-month term as chairman of the board.


This is part of their commitment to a comprehensive transformation for the group.


Mr Yates said this transformation journey started with a new strategic direction which adopted a clear focus on shareholder wealth creation, capitalising on the company’s clear strengths and delivering for our customers.


He said this was made evident in the company results with a net profit after tax of K132million 34.8 per cent, core operating profit of K105million up by 21.7 per cent and a net asset backing per share of $2.99 increase of 8 per cent.


“Our disciplined approach to capital allocation has allowed us to pay K57.8 million to shareholders in dividends over the past year.


With the 12 Toea per share declared, we have provided a total dividend of 19 toea per share for the year,” he said.


“The financial year 2019 saw us deliver a 12 month total shareholder return of 36 per cent to our shareholders based on share price appreciation and dividend combined. Our shareholders have also asked us to refocus on our core finance business which we have done.”


Mr Yates said despite all uncertainty they delivered to shareholders what it would do in terms of results.


In response to the announced results, shareholder and superannuation fund, National Superannuation Fund (Nasfund) has congratulated Credit Corporation on its 2019 performance results released last week.


Taking into account share price appreciation, the results have delivered a total shareholder return of 36 per cent according to the fund.


Commenting on the results, Nasfund Chairman Charles Vee stated that the results demonstrate resilience which is a testament of the company’s 42year history.


“In a difficult economic climate and during their short term in office, the board and executive management have shown great leadership to implement their strategy to enhance performance of the core business segments of property and finance, improve efficiencies across the group and produce strong results for shareholders, “ said Mr Vee.


Nasfund commended Credit Corp chairman, Syd Yates and his board, Group CEO Peter Aitsi, management and Staff for delivering a better than expected result for the 2019 financial year.


Source: https://postcourier.com.pg/credit-corp-records-k132m-profit/

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