Profits up 250% for Credit Corp

CREDIT Corporation Papua New Guinea has declared a dividend of 13.4 toea per share on its performance in the second half of 2021.
Profits up 250% for Credit Corp Profits up 250% for Credit Corp Profits up 250% for Credit Corp Profits up 250% for Credit Corp Profits up 250% for Credit Corp

Credit Corporation chairman Richard Sinamoi

Staff Reporter

Inclusive of a 4.6t interim dividend per share, the group declared a total of 18t per share in dividend payments to shareholders for the 2021 financial year.
 
Credit Corporation chairman Richard Sinamoi said the board's decision in relation to the second half-year dividend reflected its improved full-year performance.
 
The group achieved a 208% increase in core operating profit and 250% increase in net profit in 2021 compared to the previous corresponding period, The National newspaper reported.
 
"We delivered improved financial results having benefitted from disciplined control of margins and operating costs, augmented by lower impairment costs because of the company's increased focus on collections and credit management procedures," he said.
 
"Our continued focus in supporting our customers, communities and all stakeholders, amidst the challenges faced by many customers and the economies where we operate, remained.
 
"Our decision in relation to the dividend is supported by our strong capital position and the current business outlook, while balancing our commitment to support our shareholders given ongoing market and economic uncertainty," he said.
 
Sinamoi said the board's strategic plan to setting the company on a transformational journey will see it seek growth opportunities, while focusing on costs, continued disciplined approach to the quality of its loan book and maintaining an overall strong and resilient balance sheet.

 

topics

loader
  • Porgera: Barrick-PNG talks go on - Read more
  • Follow the companies investing in the PNG market - Read more