PNG Ports Corporation Limited (PNG Ports) delivers a net profit of over K100 million, for the third consecutive year exceeding K100million. The State-Owned Enterprise reported a Net Operating Profit after Tax (NOPAT) of approximately K110,053,586 for the 2023 fiscal year, indicating a notable recovery following the severe effects of the COVID pandemic on the maritime sector. PNG Ports has declared a dividend of approximately K27.5 million to Kumul Consolidated Holdings for the 2023 fiscal year, contributing to nearly K320 million in total profits over the past three years, including K102.6 million in 2021 and K104.5 million in 2022. According to CEO Neil Papenfus, PNG Ports' 2023 profit is credited to increased vessel traffic and enhanced efficiency, along with effective financial management of key revenue sources such as wharfage, berthage, storage, pilotage, and terminal leasing. PNG Ports operates in a demand-driven industry where an increase in the demand for trade causes higher vessel calls and greater cargo volumes in and out of a port. However, PNG Ports’ overall capacity to generate a profit is impacted by its requirement to operate and look after its 12 Community Service Obligation (CSO) ports, which all run at a loss. “These CSO ports,” says Mr. Papenfus, “are essentially subsidized by the profitable ports of Lae, Port Moresby and Kimbe.” “To continue to generate profits and simultaneously operate and maintain all 15 ports, PNG Ports is developing new revenue streams such as a Pilotage School, embarking on a program of process improvement and re- engineering, with plans to overhaul its IT system." Mr. Papenfus stated that these initiatives aim at enhancing efficiency and customer experience will position PNG Ports to meet current and future industry demands. He also paid tribute to the late Kiniafa for the decisions made which were now producing results, and the guidance of the Board, as well as the management and staff for the hard work and commitment in PNG Ports’ ongoing profitability and success. He further praised Chief Commercial Officer Ian Hayden-Smart for his leadership following the unexpected passing of former CEO Fego Kiniafa in 2022. He added that the 2024 fiscal year had started off strong, with good results also expected as the SOE reviews its corporate strategies to strategically align itself to continue serving this nation.