PNG Ports Corporation Limited Staff Savings and Loans Society posted a net operating profit of K279,926 in 2017, up by 100 percent from its 2016 performance and achieved an unqualified opinion on its 2017 Audit.
“This good result is due to the increased revenue generated from realisation of a full year rental on its property combined with a reduction in expenses of roughly 40 percent compared to 2016,” Chairwoman of the Board, Ms. Beverly Nelson said.
When presenting the annual report, Ms. Nelson said: “Based on this the society was able to transfer K69,981 to its general reserve which is again is in excess of over 100 percent in comparison to 2016 financial year.
We are also seeing a gradual increase in membership of 6 percent bringing the total membership to 533 in 2017 from 502 members in 2016”.
The society’s annual report highlighted that revenue increased to K544,517 in 2017, up from K373,039 in 2016. Administration fees from cessations and savings withdrawals also fell in 2017, demonstrating confidence in the Board and its Savings & Loans Team.
Total assets of the society increased by nine (9) percent to K6,588,163 in 2017 compared to 2016.
In the report, the society stated that similar to 2016, the aggregate statistics of the society shows growth in nearly all categories, while the overall portfolio for both loan and savings recorded a slight decrease as financial members ceased membership with the society.
The report noted that the society has strived to introduce innovative savings and loans products to increase both portfolios.
Total savings grew by eight (8) percent to K2,692,877 while total loan went up by 27 percent to K1,989,584 in 2017 compared to 2016.
“Let me thank the management of PNG Ports Corporation limited under the leadership of Managing Director Mr Stanley Alphonse for the continued support in subsidising major expenses of the society, also the my fellow Board members and Savings & Loans team for their continued support which has enabled the society to take great strides in its progress and relationship with its members and the regulator – the Bank of PNG,”Ms Nelson said.