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SPO & Telekom top 2 dividend contributors to SINPF

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South Pacific Oil and Solomon Telekom are the top performers’ in terms of dividends contributions to Solomon Islands National Provident Fund.

SINPF CEO Mike Wate in his report yesterday outlined the Fund’s companies and their performances in the past 12 months ending in June this year.

He was speaking during the declaration of the crediting rate to SINPF members.

Wate said for the financial year ending 30 June 2023, the Fund has achieved an unaudited cash income for the year of $198.7 million against a cash budget income of $ 173.9 million.

He added this result is also above the actual 2022 Financial year cash revenue of $166.5 million and is driven by the following;

  • We have received strong dividends from South Pacific Oil Limited of $55 million, Solomon Telekom Company Limited $53.5 million, BSP Financial Group Ltd $10.5 million, UBS Australian Share Fund $2.6 million, Solomon Islands Submarine Cable Company Ltd $800,000 and Soltuna Ltd $700,000.
  • Interest of $8.6 million from SINPF’s subsidiary companies Heritage Park Hotel Limited, Soltuna Ltd, Solomon Telekom Company Limited, Solomon Submarine Cable Company Ltd, Loloata Island Resort, and Solomon Housing Limited
  • A strong Interest of $17.7 million from SINPF’s long-dated Government development bonds and treasury bills.
  • Interest on both domestic and international fixed term deposits of $12.7 million, an increase of just under 90% above 2022 amount of $6.7 million as interest rates on offshore TD’s increased.

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