WAHINGTON: A record dividend of $$1,617,862 for 2015/16 was declared by the Board of Directors of the Ports Authority Tonga on 1 December 2016, during their Annual General Meeting in Nuku’alofa. The Chairman of the Board of Directors, Mr Stephen Edwards, presented the dividend cheque to the Minister for Public Enterprises, Poasi Mataele Tei, for the shareholder, the Government of Tonga. Mr Edwards said that the dividend paid to Government grew from $283,207 in 2010 to $1,617,862 this year, representing an overall growth of 471.3%.
Compared to the 2015 financial year, the dividend paid today increased by 62%, and amounted to 75% of the Authority’s net profit after tax. A new milestone was reached when the total income for the first time reached $10 million at the end of 2015/16, an increase of 13% from the previous year and 6% higher than the budget. This was attributed to the growth in the cargo volume and the number of ships calling at the Port of Nuku’alofa. The total income grew from 2010 to 2016 by 44.9%, an indication of the management’s efficiency in controlling the operating expenses, he said. During the last seven years to 29 April 2016, the Net Profit After Tax grew from $535,642 in 2010 to $2,157,149 in 2016, representing an overall growth of 302.7%. This was under the stewardship of the former directors, Mr Stephen Edwards (Chairman), Mr Richard Prema, Mr Carl Sanft, Mr Busby Kautoke and Dr. Sione Ngongo Kioa.
The unprecedented Net Profit After Tax recorded for the 2016 financial year, increased by 16% over the 2014/15 financial result. “The Authority’s remarkable performance further reflects continued improvement in the efficiency in the Ports Authority’s operation in delivering quality services to port users and customers locally and internationally. In line with the Authority’s good performance, the Return on Equity retained the high standard achieved last year of 11% and above the target rate set by the Ministry of Public Enterprises for its subsidiaries at 10%. “With the Ports Authority’s strong financial position, the Authority financed its CAPEX at $3.1 million and had almost $2 million cash at the Bank with a net cash generated from operating activities of $4.3 million at the end of the Financial Year 2015/16,” Mr Edwards said.
