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.