27 September, 2023
Market Announcement: KAM – June 2023 Half Year Announcements
Please find enclosed is the investor presentation highlighting Kina Asset Management Ltd’s (KAML) half-year financial results ending 30 June 2023 and dividend notice.
KAML records K5.3m profit in first half-year results for 2023.
Key highlights of this 1H2023 performance include:
- Net profit of K5.3m, up K602,709 from 1H2022 which reported a loss of K4.7m. Key drivers include a significant rise in fair market value of financial assets to K2.6m (up from –K7.1m in HY22) and a 6.2% increase in revenue attributed to a 10% growth in dividend income.
- Dividend payments and interest income added to this strong performance as KAML received a total of around K2.1m in dividend income from it’s PNG shareholdings in BSP Financial Group, Credit Corporation and Kina Securities Ltd.
- KAML’s international investments generated total returns of K2.5m driven by strong growth in US share markets, which also benefited Australian equity holdings bringing in total returns of K1.1m to the company.
- Total income grew to K6.0m (from a loss of K4.0m in HY22) as cash flow rose 15.1% to K9.6m due to lower effects of changes in the foreign exchange rates on cash and cash equivalents.
- Total assets grew 7.4% to K80m (from K74.4m in HY22) again credited to the growth in cash and investments as well as tax receivables (up 13.9%). This growth in total assets effectively saw a 7.2% rise in net assets to K79.6m.
- KAML’s financial strength in this first half has allowed the company to declare an interim dividend of PGK12 toea per share payable 19th October 2023.
Dividend Payment Dates
- Ex-Date: 19-Sep-23
- Record Date: 20-Sep-23
- Payment Date: 19-Oct-23
- Amount per share: PGK0.12 toea
Should you have any queries please contact our Funds Management desk for assistance.
- “Half Year Results Media Release”
- “Appendix 4B”
- “Interim Financial Statements”
- “Dividend Announcement”
Head of Fixed Interest
JMP Securities Limited
m. +61 414 529 814 t. +675 7231 9913
a. Level 1, Harbourside West, Stanley Esplanade, Port Moresby NCD Papua New Guinea
p. PO Box 2064, Port Moresby NCD Papua New Guinea w. www.jmpmarkets.com