Dividend Payment - Financial Year 2016/17
Shared Transport Sector & Ports Authority Tonga
Shared Transport Sector
The Shared Transport Sector Public Enterprises – Ports Authority Tonga (PAT), Tonga Airports Limited (TAL) and the Friendly Island Shipping Agency (FISA) – concluded the Financial Year (FY) 2017 with an outstanding combined Net Profit Before Tax of $8.4 million. Compared to $6.5 million in 2016, “this a remarkable increase of 30%,” said Mr Stephen Edwards, Chairman of the Shared Transport Sector Board of Directors. “The combined Net Profit After Tax” Mr Edwards added “further increased by a commendable 35% from $4.8 million in 2016 to a new record high of $6.4 million in 2017.”
Sharing the Shared Transport Sector Public Enterprises’ success for the FY 2017, the Shared Board of Directors declared a combined Dividend of $4.8 million for the Financial Year (FY) 2017 at the Shared Transport Sector Public Enterprises Annual General Meetings on Thursday, 9 November 2017 in Nuku’alofa. Mr Stephen Edwards said that “this is another remarkable increase of 32% from the Dividend declared by the Shared Transport Sector Public Enterprises for the FY 2016.”
The Dividend declared by the Shared Transport Sector Board of Directors to the Shareholder’s representative, Hon. Poasi Matalele Tei, Minister for Public Enterprises according to Mr Edwards “is 57% of the Shared Transport Sector’s Public Enterprises combined Net Profit Before Tax and a substantial 74% of the combined Net Profit After Tax.” With a combined Total Tax paid to the Shareholder of $1.99 million – the Shared Transport Sector Public Enterprises returned to the Shareholder and the people of Tonga a Total Dividend and Tax of $6.8 million for their performance during the Financial Year 2017.
Ports Authority Tonga
On behalf of the Ports Authority Tonga, the Board of Directors declared and the Shareholder accepted a record dividend of $2.7 million for the FY 2017, representing an outstanding increase by 65% over the 2016 Dividend declared. According to the Chairman of the Board, Mr Stephen Edwards, “this is 75% of the Net Profit After Tax of $3.5 million for FY 2017. The Dividend had been growing at a compound growth rate of 59% thus constituted a Total of $6.7 million Dividend declared and returned to the Government and the people of Tonga during the past 5 years.”
Surpassing the milestone PAT set in 2016, the Authority’s Total Income reached a record high of $13 million in 2017, representing a 31% increase and the growth in the cargo volume and the number of ships’ called at the Port of Nuku’alofa. The Net Profit before Tax also set a record high of $4.7 million in 2017 thus representing a 67% increase over the $2.9 million in 2016.
The Shareholder’s Total Assets further grew by 20% from $22.4 million in 2013 to $26.8 million in 2017. This also represents an increase of 10% over the $24.5 million in 2016.
Exceeded the Ministry of Public Enterprises’ benchmark of 10% Return on Equity for Public Enterprises and the Authority’s 2016 11%, PAT achieved an outstanding ROE of 18% in 2017. The Return on Assets however, was maintained at the same level of 15% in 2016.
The Authority’s strong financial position according to Mr Edwards “enabled the Authority to finance its CAPEX at $2.9 million in 2017 before concluded 2017 successfully with $2.3 million Cash at the Bank, compared to $1.9 million in 2016.”
Mr Edwards said that “the Ports Authority Tonga could not stop setting new milestones in its performance. This can only be attributed to strong partnerships between the Directors, Management and employees in mobilizing the Authority’s activities through tough decisions and willingness to manage risks and expenses well while implementing sound corporate strategies.”
Attending the Dividend presentation at the Ports Authority Tonga’s Head Office at Queen Salote Wharf were Hon. Poasi Matale Tei (Minister for Public Enterprises); Shared Transport Sector Board of Directors: Mr Stephen Edwards (Chairman), Dr. Cpt. Sione Tu’itupou Fotu (Deputy Chairman), Mrs Helen Po’uliva’ati Toli (Director) and Mr Viliami Takau Jr. (Director); PAT Management Team: Mr Mosese Lavemai (Chief Executive Officer), Mr ‘Alo Maileseni (Chief Finance Officer), Mr Hakaumotu Fakapelea (Port Master), Mr Iketau Kaufusi (Manager Infrastructure & Technical Services), Mrs Audrey Pina Liti (Deputy Manager Corporate Services), Mr Halloween Kisina (Manager Operations), Mr ‘Etikeni Samani (Manager Risk & Compliance) and Mr Sione ‘Akau’ola (Chief Executive Officer for the Ministry of Public Enterprises); TAL Management Team: Mr Viliami Ma’ake (Chief Executive Officer); Mr Pita Ha’angana (Chief Financial Officer) and Ms ‘Aisiena Taumoepeau (Chief Corporate Officer); FISA Management Team: Mr Mosese Fakatou (Chief Executive Officer); Mrs Seini Moala Pau’u Fifita (Chief Financial Officer) and Mr Nikola Manu Senior Freight Officer ).