Nasfund reports record profits and all-time highs in its annual report, Nambawan Super launches two new products and announces positive results for 2021, and the ICCC revokes its authorisation for PNG Air–Link PNG deal. The business news you need today.

Credit: Nambawan Super

Superannuation

Last year, PNG’s largest superannuation fund, Nambawan Super, grew to a net asset value of K8.82 billion, earning a net profit of K526 million distributed to more than 208,000 members.

The Deputy Chairperson of Nambawan Super, Dame Meg Taylor, said: ‘The positive results of 2021 can be attributed to our continued efforts to diversify our investment portfolio to improve on our risk/return ratio. This means that we are spreading our investments over several local and international bonds and equities, as well as in properties and domestic cash to ensure that we continue to generate returns even when some investments are not performing as well as expected’. (Nambawan Super)

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Despite the challenges posed by the COVID-19 pandemic, super fund Nasfund achieved an all-time high last year: a net profit of K363.3 million. The total assets of the superannuation fund also grew to K6.303 billion and employer receipts coming through were K589 million (K15 million more than the previous year. (Nasfund)

National

The Independent Consumer and Competition Commission has revoked its authorisation determination for the codeshare agreement between PNG Air and Link PNG. (Post-Courier) 

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Travel Air is planning to make a comeback. The airline is looking at the Boeing 737-300 series, with cargo charged at K3 per kilogram. Post-Courier reports that four national airports (Kagamuga, Jackson’s, Nadzab and Momote) have the required runway length for such airplanes. Travel Air wants to operate out of Hoskins but still needs to apply for approvals and licenses. (Post-Courier) 

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There’s a new market complex in Wabag District. The Papua New Guinea-Australia Partnership and the Wabag District Development Authority inaugurated the market on Monday. With 139 stalls, a women’s business administration centre and a cafeteria, amongst other amenities, the market will help to support women’s groups and vendors in Enga Province. (LOOP PNG)

Retail

In 18 months, the capital of Eastern Highlands Province, Goroka, will have a new Brian Bell outlet. The contractors, Hauslain Contractors, have started the project. (Post-Courier)

Agribusiness

About K200 million are spent every year in PNG to import chicken, reports The National. Mandekem Ltd, a poultry business, is trying to increase local supply to reduce the dependence on imports. (The National)

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Last week, the Oil Palm Industry Corporation held a consultation on the review of the Oil Palm Industry Corporation (Opic) Act 1992. The review’s purpose, said the Acting Chairman of Opic,’ is to promote and develop the oil palm industry in PNG, also to develop national objective policies and priorities for the development and administration of the Oil Palm Industry in PNG.’ (The National)

Tourism

The future looks optimistic for the tourism industry,  according to Alan Manning, co-founder of tour company, South Sea Horizons. He said that the it would ‘take a collective effort’ to see the festivals and other popular tourism destinations, such as the Kokoda Trail, bounce back by 2023 but that there is potential to see a boom in 2024.

‘Given the restrictions and lockdowns people have faced worldwide, many travellers are looking to re-connect with meaningful trips. Many prospective travellers also have two years of disposable income saved up, so experiential trips are going to be high on the agenda for many tourists,’ Manning said. (The National).

Forex

Prime Minister Marape has said there’s around US$3 billion (K10.31 billion) in foreign reserves available at the Bank of PNG and reportedly will instruct Treasury to assist Puma Energy to have access to forex to maintain the supply of fuel in the country. ‘Importers like Puma Energy should have better access to the US dollar for their purchase than it was before. But if Puma is struggling then I will get the Treasurer and his team to assist so that we don’t have a shortage of fuel in our country.’ (The National)

Resources

In its annual report, Mayur Resources announced that during the next 12 months the company will be focusing on advancing the Central Cement and Lime Project to Final Investment Decision. (Mayur Resources)