Record profit for Nambawan Super

NAMBAWAN Super has recorded its highest ever profit of K504 million for 2019, compared to K490 in 2018, despite what has been described as a challenging environment.
Record profit for Nambawan Super Record profit for Nambawan Super Record profit for Nambawan Super Record profit for Nambawan Super Record profit for Nambawan Super

Anthony Smare

Staff Reporter

Nambawan chairman Anthony Smare said the fund generated income of K703 million for 2019 and after tax, this resulted in the highest-ever profit.
 
"This enables us to declare a 7% crediting rate, which will be processed and paid to members accounts, including retirement savings accounts, over the next few days so that it is reflected in members balances by next week," he said.
 
Smare said that despite the slow economy and foreign exchange pressure which led to performance strains in some of its investments, Nambawan had a well-balanced investment portfolio allowing the fund to earn a stable income.
 
The numbers included:
 
• Total funds under management now about K8 million and net asset value totalling K7.7 billion;
 
• K770.5 million contributions received;
 
• K464 benefits paid to members;
 
• K27.99 million housing advance payments;
 
• K30 million in voluntary contributions.
 
Smare said the results reflect the effectiveness of the fund's investment strategy in making a return for its members, "the ordinary and humble hard-working Papua New Guineans".
 
He urged members to continue to save despite the tough economic challenges.
 
"The fund has truly delivered great outcomes in growing the savings of everyday Papua New Guineans and growing the country through our investment in PNG companies, properties and projects."
 
"The Fund has truly delivered great outcomes in growing the savings of everyday Papua New Guineans and growing the country through our investment in PNG companies, properties and projects."
 

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