THE Motor Vehicle Insurance Limited (MVIL) has presented a cheque of K20.1 million to Kumul Consolidated Holdings (KCH) as its final dividend for the 2022 financial year.
MVIL Board Chairman Eno Daera and Chief Executive Office Michael Makap presented the cheque to KCH Managing Director Professor David Kavanamur on Thursday.
The presentation was made in the presence of the Minister for State Enterprises William Duma and MVIL board directors at the KCH office in Port Moresby.
The final dividend emanates from the audited total net profit after tax of K55.7m for the 2022 financial year.
MVIL CEO Micahael Makap said the K20.1m is additional dividend to the interim dividend of K22.8m paid earlier in April 2023.
“So, MVIL is paying K42.9m in total dividend for the 2022 financial year,” he said.
Mr. Makop added that over the last four-five years, MVIL’s disbursements to the national government and its agents stands at K570min total.
“Over the last five years, we have paid K59m tax in total, dividends stands at K256 million including this, K145m paid to provincial governments as revenue component, K85m paid to Department of Finance, K21m paid to Road Traffic Authority as levies, and K4m paid for insurance commission as levies.”
Makop said MVIL will continue to deliver its mandated responsibility in meeting customer expectations as well as social services obligations of people throughout the country.
Minister Duma extended his congratulations to the MVIL board and management for the final dividend.
“It’s noteworthy that MVIL has upheld its sustained profitability over the past three years, a testament to the adept planning and challenge management by MVIL’s leadership,” the Minister remarked.
He said MVIL is strategically positioned for future growth through the expansion of its operations into the agriculture, forestry and extractive sectors.
Kavanamur said the company upholds a strong, compliant, and resilient balance sheet with ample liquidity to fulfill its obligations.
“MVIL’s plans presented to KCH indicate that it will continue to explore opportunities for revenue growth because of the changes to the enabling legislation to expand compulsory vehicle insurance,” he said.
