Steamships records positive results in 2022
02 March 2023
Port Moresby listed Steamships Trading Company Ltd has announced a stronger than expected year in 2022, for the group, as the PNG economy recovered well from the constraints imposed as a result of the COVID-19 pandemic. 2022 results show improved revenue across the business, as sales revenue increased 12% to K631.3 million against last years K563.9 million. The company declared a total dividend of 120 toea per share, in comparison to the previous years 100 toea.
The hospitality and property divisions saw improvement with more demand due to the lifting of COVID-19 restrictions. Pacific Palms property experienced and increased residential occupancy across the portfolio. Coral Sea Hotels continue to expand with the opening of new Enzo’s Pizza outlets despite food and beverage margins compressed due to rising input inflation.
The integration of Logistics businesses, compromising Consort Express Lines shipping, EastWest Transport, Joint Venture Port Services and Pacific towing continued throughout the year with the aim of offering an improved service for customers. Additional shipping, towing, and trucking capacity was added to meet the demand for services.
Despite recording positive results, the Company was not immune to the supply chain constraints and inflationary pressure that prevailed globally. These limited the progress of various property projects and new investments.
“As the effects of COVID-19 receded, businesses and the economy in Papua New Guinea slowly recovered during 2022. Demand for goods and services increased throughout the year with an anticipated post-COVID downturn not materialising.” Said Chairman, Geoff Cundle of the results, “Steamships performance in 2022 was solid. Profit attributable to shareholders declined on the absence of property sales; a strong underlying performance means the company is in a good position to benefit from Papua New Guinea’s encouraging economic growth prospects”.
There is growing optimism that early-works activity for the Papua LNG project and boarder infrastructure investment should gain traction in 2023. Steamships is well positioned to benefit from the improving economic conditions. It remains committed to continuous improvement in productivity and vigilant in identifying opportunities for growth.
Managing Director Rupert Bray “PNG is our home and primary place of business. The anticipated openings of Harbourside South, the BSP Branch at Dobel in Hagen, and Portside Business Park this year are all exciting additions to our portfolio. We remain committed to contributing to the social and economic growth of PNG, and look forward to what we expect to be another strong year in 2023.”