Credit Corporation, NGIP Agmark and Kina Asset Management release their 2020 financial year results. The latest business news in brief.

Credit: PNG Air/Facebook

Aviation

The Minister for Tourism, Arts and Culture, Isi Henry Leonard, has written to the National Executive Council asking for a Certificate of Inexpediency for the release of K5 million for the Misima Airport upgrade, reports Loop PNG.

PNG Air ceased all flights to Milne Bay’s Misima Island in January this year because of the poor conditions of the Bwagaoia runway. Henry Leonard said that he wants Misima Airport to be ‘included in the CADIP (Civil Aviation Development Investment Program) so that we can do proper upgrading, sealing and even the construction of the terminal area.’

Financial services

Kina Asset Management recorded a net profit of K3.32 million last year. The company also recorded an investment return of 6.2 per cent for 2020 despite the effects that the COVID-19 pandemic has had in international equity markets. (KAML)

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Credit Corporation PNG has reported a net profit of K22 million and a core operating profit of K25.66 million for the 2020 financial year. The year’s results were affected by ‘the global pandemic and the group’s commitment to actively support PNG’s SME market through these challenging conditions’.

‘There is no doubt we are now in a stronger position than six months ago, and we remain cautiously optimistic regarding the COVID-19 situation and the economies of PNG and the Pacific,’ said CEO Peter Aitsi. (Credit Corp)

Agriculture

The NGIP Agmark Group of Companies has recorded a profit before tax of K8 million for 2020. The company also announced a revenue of K163.4 million, an increase of K11.2 million from 2020. NGIP Agmark Group also reported ‘positive cocoa contracts’, ‘increased customer service to Bougainville’ and focussed customer service and delivery in East New Britain. (PNGX)