PNG Ports 2019 Financial Result Records Significant Growth
The Chairman of PNG Ports Corporation Limited, Mr. Kepas Wali, is pleased to announce the unaudited annual financial result of the company for 2019.
PNG Ports Corporation Limited annual net profit after Tax is K77.07m. The profit recorded a significant growth of 94 percent, compared to that of 2018 of K43.63m.
The profit is a result of revenue growth of K306.56m compared to 2018 of K285.02m.
The higher performance is attributed to marginal CPI adjustments on approved tariffs, increase in other operations revenue combined with the management’s stringent internal cost control measures.
Both regulated and non-regulated revenue performed higher than in 2018.
Regulated services revenue contributed K197.45m while non-regulated services revenue contributed K109.10m.
The PNG Port’s management’s ongoing cost control has delivered a savings of K31.62m (14 percent) in 2019 compared to 2018.
Overall throughout volumes have increased compared to 2018, with Container (TEU) up four percent and Pilot engagement up six percent, whilst Cargo Tonnage fell by three percent and Port facility calls fell six percent.
The Annual Audit is in progress and audited reports will be published at a later date.
Given that the business of PNG Ports Corporation Limited is demand driven, the volumes are based on the global supply chain (i.e. exports and imports) and competition hence PNG Ports is restricted to the global business demand for prosperity.
Accordingly, the outstanding performance recorded in 2019 is a result of the collaborated effort by the Board and Management in ensuring sound business decisions and prudent cost control.
PNG Ports Corporation Limited projected a further increase in revenue for this year 2020 however, this will significantly be impacted due to the Coronavirus (“COVID-19”) pandemic.
The Board and Management will therefore revise the budget, to reflect the impact of the COVID-19.