TELIKOM PAYS K3 MILLION DIVIDEND TO STATE - PAPUA NEW GUINEA

TELIKOM PAYS K3 MILLION DIVIDEND TO STATE

Marape - Rosso Government 2022

Telikom has for the first time paid a K3 million dividend for the 2021 financial year to Kumul Consolidated Holdings today.

This is through the merger between Telikom and Bmobile in 2021.

Speaking during the dividend presentation in Port Moresby this morning, Telikom Acting Chairman Cedric Rondoke said the merger of the two entities reduced costs, resulting in Telikom paying the dividend.

Minister for State Enterprises, William Duma said despite a global pandemic and tough economic times in the last two years, Telikom Limited has come a long way in addressing key business issues and positioned the company to take on the challenges presented by increased competition, financial constraints and legacy internal issues.

He said today's announcement by Telikom Limited of its results for the 2021 financial year is very encouraging, and is a testament to the hard work put in by the Board and management, supported by its shareholder Kumul Consolidated Holdings. 

Mr. Duma commend the Board and management of Telikom Limited and KCH for its support not only to Telikom, but to all other State companies during the tough times in the last two years.

In announcing its results for 2021, Telikom has also announced a group profit of K28,192,659.00 and the payment of million dividend to its shareholder as first and final dividend for the 2021 financial year. 

Mr. Duma described the dividend presentation as welcome news for its shareholders.

He said in 2020, the Marape Government approved the merger of Telikom and Bmobile — these two entities were merged and although the official merger took effect from January 1st, 2022, by July 1st 2022, they were already operating as one company under one Board and single Chief Executive Officer. 

Mr. Duma said the results announced by Telikom, and today's dividend presentation of K3 million from a profit of K28,192,659.00 is testament to the efficiencies and single focus the management and Board was able to drive during very difficult economic times.

He said in the last two years, KCH has provided more than K70 million to Telikom for working capital requirements, and total of over K200 million to all SOE's in total.

Minister Duma further commended Telikom for completing all its financial audits up to December 31, 2021. 

He stressed that there are few qualification issues to be tidied up in 2022 and going forward, but all in all Telikom can now complete its audits by April of the following year going forward.