Dividend Payment - Financial Year 2017/18 Shared Transport Sector Boards
PRESS RELEASE SHARED TRANSPORT SECTOR PUBLIC ENTERPRISES:
Warmly welcomed to the National Reserve Bank of Tonga’s Conference Center in Nuku’alofa on Monday 10 December 2018, Hon. Dr. Saia Ma’u Piukala, Minister for Public Enterprises and Health enthusiastically chaired the Annual General Meeting of the Shared Transport Sector Public Enterprises for Ports Authority Tonga (PAT), Tonga Airports Limited (TAL) and the Friendly Islands Shipping Agency (FISA) for the Financial Year 2017/18 at an outstanding standard set for AGM Meeting in Tonga.
Highlighting the combined outcomes of the Shared Transport Sector Public Enterprises’ performance for the Financial Year 2017/18, the Chairman of the Shared Transport Sector Board of Directors, Dr Sione Ngongo Kioa gladly reported to the Minister for Public Enterprises and Health that PAT, TAL and FISA continued to maintain their combined Net Profit Before Tax above the $8 million mark; and the Net Profit After Tax, above the $6 million milestone they set in the 2016/17 Financial Year.
With a combined Total Tax paid to the Shareholder of $1.9 million – the Shared Transport Sector Public Enterprises returned to the Shareholder and the people of Tonga a Total Dividend and Tax of $3.5 million for their performance during the Financial Year 2017/18. Valuing the needs to continue facilitating exceptional services to the people of Tonga, the Minister for Public Enterprises and Health accepted declared dividend payment (25% of net profits after taxes) at a combined total of $1.5 million from the Chairman of the Shared Transport Sector Board of Directors, Dr Sione Ngongo Kioa for PAT’s, TAL’s and FISA’s performance during the Financial Year 2017/18.
The Minister for Public Enterprises and Health on behalf of the Government emphasized that the 75% of net profits after taxes for the Financial Year 2017/18 are to assist PAT, TAL and FISA in meeting the Transport Sector’s critical projects at a combined value of $10.8 million. These projects aim at improving and developing port facilities, international and interisland air and ferry transport services that will benefit the people of Tonga. These projects include inter alia acquisition of capital equipment for port infrastructural development, tar sealing of the Port of Nuku’alofa international wharf surface and acquisition of a new secondhand Tugboat to further improve the customer services and operational efficiency at PAT; extension of the Fua’amotu international terminal, upgrading of domestic terminals, water reservoir for Fua’amotu Airport, RESA for Lupepau’u Airport, runway marking and runway lights interleave at TAL; and building up funds for vessel replacement, improving Vava’u Wharf, refurbishing domestic offices and community discounts by FISA.
The Chairman of the Shared Transport Sector Board of Directors further reported that the Transport Sector continued to demonstrate efficient and profitable service delivery to its shareholder and the people of Tonga, while carrying out their statutory responsibilities prescribed by national and international frameworks, and ensuring the ultimate priority of safe and secure transportation locally and internationally. Despite the challenges imposed by Tropical Cyclone Gita in February 2018, removal of upper airspace funds and exemptions of tariff fees, the Shared Transport Sector Public Enterprises continued to maintain a strong current cash position and positive cash flow at the end of the Financial Year 2017/18. This was supported by strong shared capabilities harnessed through valued collaboration between the Board of Directors, shareholding Minister, Government and the support of development partners, other key stakeholders, management and staff.
Major highlights of the Financial Year 2017/2018 from the Transport Sector included but not limited to commissioning of the Taufa’ahau Tupou IV Domestic Wharf in June 2018 with the wharf operation and management later transferred from Government to PAT, completing projects to strengthen the Nuku’alofa Port infrastructure, upgrading the Faua Wharf, and completing the Queen Salote International Wharf Hardstand by PAT; upgrading of Navigational Aid and Airfield Ground Lightings at Fua’amotu International Airport and construction of the JET A1 Fuel Station at Lupepau’u Airport by TAL and putting into operation the newly purchased MV Tongiaki by FISA.
The Minister for Public Enterprises and Health at the conclusion of the Annual General Meeting congratulated and thanked the Chairman of the Shared Transport Sector Board of Directors, Directors, Management and staff of PAT, TAL and FISA for concluding the Financial Year 2017/18 at an exceptional level.
Represented at the Annual General Meeting were Board of Directors: Chairman Dr Sione Ngongo Kioa, Director Dr Sitiveni Halapua, Director Fine Tohi; Director John Wycliffe Havea, Mr Sione ‘Akau’ola (Chief Executive Officer, Ministry of Public Enterprises), Management from PAT: Mr Mosese Lavemai (Chief Executive Officer), Mr ‘Alo Maileseni (Chief Financial Officer), Mrs Mele Lavemaau (Manager Corporate Services) and Mr ‘Etikeni Samani (Manager Risk & Compliance); Management from TAL: Mr Viliami Ma’ake (Chief Executive Officer), Mr Pita Ha’angana (ChiefFinancial Officer), Mrs Norma Lavemai (Chief Safety & QA Officer) and Ms Aisiena Taumoepeau (Chief Corporate Officer) and Management from FISA: Mr Viliami Takau (Chief Executive Officer) and Ms Seini Fifita (Chief Financial Officer).
11 December 2018