Tonga Power Limited holds the 6th Annual Shareholders Meeting
The Tonga Power Ltd. Board of Directors declared the company’s dividend at a total of T$1,359,314 on Tuesday, 25 November 2014 to the shareholder, the Government of Tonga.
The Chairman of the Board, Mr Carl Sanft declared the dividend of T$1,359,314, which includes an interim dividend of T$359,314. This represents 51.6% of Tonga Power’s Net Profit After Tax (NPAT). As a comparison, last year, Tonga Power paid a total of T$778,738 in dividend to the shareholder.
Before allowing for disposal of assets due to the grant funded village project Tonga Power’s operational net profit after tax was T$4,992,500 compared to T$2,938,659 last year.
According to the Chairman of the Board, Mr Carl Sanft, this year has been the most profitable year for Tonga Power Ltd., as evidenced in the dividend payment declared by the Board today. “This means that the company is operating well, even before contributions from the renewable energy projects came along.”
Last year, the Board resolved to pay the shareholder a total of T$1 million in dividends.
The Minister for Public Enterprises, Hon. Fe‘aomoeata Vakata received the payment for Tonga Power’s final dividend payment for 2013/2014 financial year on behalf of the shareholder, the Government of Tonga.
Present at the AGM was the Minister for Public Enterprises, Hon Fe‘aomoeata Vakata and the Acting CEO of the Ministry for Public Enterprises Mr Sione ‘Akau‘ola, the Chairman of the Board, Mr Carl Sanft, Directors and Tonga Power Ltd. management.