Tonga Airports Limited (TAL), Ports Authority Tonga (PAT) and Friendly Islands Shipping Agency (FISA) Board of Directors on 09 November 2017 declared total dividend payment of $4,773,777.00 for the financial year 2016/17 during the Annual General Meeting at the Ports Authority Tonga’s Head Office at Queen Salote Wharf
The Chairman of the Board of Directors for Transportation Sector, Mr. Stephen Edwards, presented Ports Authority Tonga’s dividend payment with a cheque of $2,664,230.00, Tonga Airports Limited with a cheque of $2,000,000.00 and Friendly Islands Shipping Agency with a cheque of $109,547.00 to Hon. Poasi Mataele Tei, in his capacity as the Minister for Public Enterprises and the representative for the Shareholder – Government of Tonga.
From (L-R) – Sione ‘Akau’ola (CEO- MPE), Mr. Etikeni Samani (Manager Risk & Compliance), Hon. Poasi Tei (Minister for MPE), Mr. Viliami Takau (Director), Dr. Capt. Sione Tu’itupou Fotu (Deputy Chairman – Board), Mrs. Helen Po’uliva’ati Toli (Director), Mr. Iketau Kaufusi (Manager Infrastructure & Technical), Mrs. Audrey Liti (Corporate Services), Mr. Stephen Edwards (Chairman – Board), Mr Halloween Kisina ( Manager Operations), Mr Mosese Lavemai (CEO- PAT), Capt. Hakaumotu Fakapelea (Port Master) and Mr. ‘Alo Maileseni (Chief Finance Officer)
From (L-R) - ( Pita Ha’angana (Chief Financial Officer), Hon. Poasi Tei (Minister for Public Enterprises), Mr. Viliami Takau (Director), Dr. Capt. Sione Tu’itupou Fotu (Deputy Chairman - Board), Mrs. Helen Po’uliva’ati Toli (Director), Viliami Ma’ake (CEO for TAL), Mr. Stephen Edwards (Chairman of the Board). And Sione ‘Akau’ola (CEO for MPE)
From (L-R) – Mr. Viliami Takau (Director), Hon Poasi Tei (Minister for Public Enterprises), Dr. Capt. Sione T. Fotu (Deputy Chairman), Mrs Helen Po’uliva’ati Toli (Director), Mosese Fakatou (CEO for FISA), Mr. Stephen Edwards (Chairman- Board), Sione ‘Akau’ola (CEO for MPE), Seini Fifita (Chief Finance Officer) and other representative from FISA.
The Minister for Public Enterprises, Honorable Poasi Tei was presented with a cheque of TOP$7,319,219.00 by the Chairman of the Common Utilities Board of Directors, Mr. Carl Sanft as the Combined Utility Dividend and Tax payment for the financial year 2016/17.
The Minister of Public Enterprises, Hon. Poasi Tei received a cheque with a total of TOP$7,319,239.00 from Chairman of the Shared Utiliteis Board, Mr. Carl Sanft as dividend and tax payment for Financial Year 2016/17
The Annual General Meeting (AGM) for the Utility Sector was held on 10th November, 2017, at Tano'a International Dateline Hotel, Nuku'alofa. The Utility Sector is consist of Tonga Power Ltd, Tonga Water Board, Waste Authority Ltd and Tonga Gas Ltd.
Total combined dividend and tax payment of $7,319,239 comprises of total combined dividend payment of $4.38 million to Government that is, 62.6% of the combined net profit for this financial year and total combined tax expenses of $2.9 million to Government.
The 2016/17 financial year sets the record for the highest dividend and tax payment declared by the Utility Sector amongst the Public Enterprises.
(L-R)- Mr. Malakai Lomu Sika (CEO- WAL), Mr. ‘Aisake Tu’iono (Director), Mrs. Fuiva Kavaliku (Director), Dr. Nailasikau Halatuituia (Deputy Chairman), Hon. Poasi Tei (Minister for MPE), Mr. Carl Sanft (Chairman), Mr Robert Matthews (CEO – TPL), Mr. Sione ‘Akau’ola (CEO – MPE), Mr. Sione Tutulu Finau (A/CEO – TWB) and Mr. Sione Taione (Director).
Tonga Power achieved another exemplary financial result in 2017 recording an after tax profit of $5.53 million compared to $5.49 million last year (FY2015/16).
Tonga Power Limited (TPL) and Tonga Gas Limited (TGL) declared $3.3 million to Government this year (FY2016/17) compared to $3.286 million last year (FY2015/16).
Total tax expenses at $2.5 million this year (FY2016/17) compared to $0.87 million last year (FY2015/16). Total dividend including tax is $5.82 million compared to $4.17 million last year. Total dividend including tax since started in 2008-2017 is $14.6 million.
This year, Tonga Water Board (TWB) has declared Government dividend of $1,030,000 (FY2016/17) as compared to $1,027,000 last year (FY2015/16). TWB achieved a net profit after tax of $1,243,262 as compared to $1,373,784 of last year. TWB is paying $457,928 as income tax payment for 2016/17 FY.
Waste Authority Limited (WAL) has achieved a net profit after tax of $284,526 for this financial year (FY2016/17) compared to $229,652 of last financial year (FY2015/16). This is the third year in progression that the company has achieved net benefit from its operations. WAL declared a dividend of $50,000 again this year.
After declaration of dividend from these PEs (Tonga Power Ltd, TWB, WAL and Tonga Gas Ltd), the Hon. Minister for Public Enterprises acknowledged the hard work that have been carried out by the Chairman, Board Members, CEOs & all Staffs of these 3 PEs for their perseverance and great support towards their business plan.