Nambawan Super announces record profit
Nambawan Super Limited has announced a crediting rate of 7% to be paid to member accounts after recording its highest ever profit of K504 million for 2019.
This is despite challenging conditions experienced last year.Nambawan Super Board Chairman, Anthony Smare, said the fund generated income of K703 million for 2019.
After tax, the fund recorded its highest ever profit of K504 million.
“This enables us to declare a 7% crediting rate, which will be processed and paid to members accounts, including Retirement Savings Accounts, over the next few days so that it is reflected in members balances by next week,” said Smare.
Smare said despite the slow economy and foreign exchange pressure which led to performance strains in some of its investments, Nambawan Super has a well-balanced investment portfolio allowing the fund to earn a stable income.
2019 results for Nambawan Super include:
Total Funds under Management now about K8 million and Net Asset Value totaling K7.7 billion;
Net Profit K504 million beating previous record of K490 million in 2018;
K770.5 million contributions received;
K464 benefits paid to members;
K27.99 million Housing Advance Payments;
K30 million in Voluntary Contributions.
Smare said the results reflect the effectiveness of the fund’s investment strategy in making a return for its members, the ordinary and humble hard-working Papua New Guineans.
He urged members to continue to save despite the touch economic challenges.
“The Fund has truly delivered great outcomes in growing the savings of everyday Papua New Guineans and growing the country through our investment in PNG companies, properties and projects.”
Highlights for 2019 include:
Opening of Nambawan Super Plaza, Crown Plaza Residences, and the Penthouse Tower;
NSL Exited from Kina Investments
Biggest single investor in Bank South Pacific made another positive return;
Rangeview Investment in NCD creating 680 jobs for Papua New Guinea; and
States payment of pre-2009 employer contributions with K235 million received and distributed.
Since 2013 the fund has doubled in size from K3.7 billion to K7.7 billion, and increased from 130, 000 members to 200, 000 members, and returned K2.3 million in benefit payments.