MINISTER for State Enterprises, William Duma, has praised PNG Ports Corporation Limited (PNG Ports) for remaining relevant and being profitable despite COVID-19.
Minister Duma said PNG Ports has been the only state owned enterprise (SOE) that has consistently been profitable.
“Year in, year out, PNG Ports has been profitable and paid its dividends. Notwithstanding challenges and COVID-19, PNG Ports has continued to remain relevant,” Minister Duma said.
“A profit of K84m was declared in 2019, while K81m was declared last year, even though other SOE’s suffered due to COVID-19.”
“This all goes back to the great management of this outstanding SOE and the tremendous team effort from the staff of PNG Ports.
“Your hard work has resulted in the steady dividends coming from PNG Ports and I would like to commend you all. I look forward to working with this kind of management, going forward,” he said.
Mr Duma was speaking recently (on Tuesday April 27) during the christening of a new pilot boat at the Motukea International port outside Port Moresby.
The pilot boat, christened MV Siabo, is the first of five customized pilot boats for PNG Ports bought at about AUD2.2million (K6m) each.
On the purchase of the new pilot boats, the Minister described it as “a rock solid investment for a valuable source of revenue”.
The Minister also reiterated his call for other SOE’s to step up, perform and be profitable.
The Marape government, through the SOE reforms, wants to see better economic returns from SOE’s by investing in infrastructure and making strategic management decisions.
PNG Ports has achieved a lot, notably the infrastructural investments in Lae and Motukea, to be on par with global standards.