PNG Ports records K77m profit
PNG Ports has recorded a net profit after tax of K77.07 million, a 94% increase from its 2018 NPAT result of K43.63 million.
This was announced by Board Chairman, Kepas Wali, when declaring the unaudited annual financial results for 2019.
Chairman Wali said 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.
Highlights of the 2019 financial year include:
Revenue growth of K306.56m compared to K285.02m in 2018;
Marginal CPI adjustments on approved tariffs, increase in other operations revenue combined with the managements stringent internal cost control measures;
Regulated and non-regulated revenue performed higher than in 2018;
Regulated services revenue contributed K197.45m;
Cost control measures delivering savings of K31.62m, a 14% increase from 2018;
Overall throughput volumes have increased compared to 2018, with Container (TEU) up 4%, Pilot Engagement up 6%, whilst Cargo Tonnage fell by 3% and Port Facility calls fell 6%.
The 2019 Annual Audit is in progress and will be published at a later date.
Meanwhile, earlier revenue projections by the Board for 2020 will be revised to reflect the impact of the COVID-19 pandemic.
Early in the week PNG Ports said they will continue to allow trade to flow but in a much more controlled manner.
In consultation with the Maritime Security Division of the Department of Transport, and other stakeholders, stringent protocols have been set in place for all vessels and crew. Designated ports as first ports of entry being Motukea, Rabaul, Madang and Lae for all international vessels.
A Business Continuity Plan has been established to ensure that all its port facilities around PNG remain operational.
PNG Ports assures the business community and the public that it will continue to administer and facilitate all domestic and international trade in close consultation with Government frontline agencies and industry partners.