Nambawan Super Ltd Announces K144 Million Net Profit

Nambawan Super Ltd (NSL), one of Papua New Guinea’s leading super funds, has announced a net profit of K144 million for the year 2022, despite facing several tough economic challenges. NSL Chairman Reginald Monagi made the announcement during a press conference in downtown Port Moresby.

Monagi attributed the positive result to the fund’s investment returns, highlighting that the profits have been distributed to members by applying a crediting rate of 1.6 percent to their accounts. However, he also acknowledged that the fund faced several challenges, both internal and external.

External factors that affected the fund’s performance in 2022 included high global inflation, rising fuel and energy prices, and the introduction of additional company tax on BSP Financial Group, which also affected the fund’s results. Additionally, reduced profits for 2022 can be attributed primarily to the valuation losses of offshore and local investments, which totalled K248 million, leading to a nearly three percent reduction in the crediting rate.

Despite these challenges, NSL managed to deliver a total of one billion Kina in membership payouts through exits and other means. The super fund aims to continue pushing for changes that ensure superannuation is more accessible and member savings are better protected for the purpose of retirement.

Looking ahead, Monagi stated that 2023 would be another tough year for the fund’s offshore and local investments due to the continued unfavourable state of the global economy. Nevertheless, he assured all members that their funds would be safe with NSL.

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