State-Owned DataCo Contributes K6.168 Million Dividend to PNG Government
Papua New Guinea’s state-owned telecommunications company, PNG DataCo, has presented K6.168 million in dividends to Kumul Consolidated Holdings (KCH), representing 50 percent of its total net profit for 2023. The dividend is part of DataCo's net profit of K12.337 million for the year.
This marks the third dividend payout by PNG DataCo since its establishment in 2014, following previous payments in 2020 and 2022. DataCo Chairman Dr. Thomas Webster highlighted the company’s progress during the dividend handover, expressing optimism for a higher payout in the coming financial year. He also thanked the government and KCH for their oversight and praised the leadership of CEO Paul Komboi and his management team.
"Today we present a K6.168 million dividend, and we are striving for better results next year," Dr. Webster said. "I also extend my appreciation to Minister for State Enterprises William Duma for his continued support."
Dr. Webster further noted that PNG DataCo has invested over K1.2 billion in digital infrastructure, including the National Transmission Network, as part of the company's efforts to support the country’s digital transformation. He acknowledged the challenges faced in 2021 when damaged coral cables in Madang resulted in a K33 million loss, but praised the company's recovery efforts, which led to the impressive financial results of 2023.
Receiving the payment, State Enterprises Minister William Duma commended PNG DataCo for its robust financial performance, placing it among the top-performing state-owned enterprises in the country. He noted that DataCo, alongside PNG Ports Corporation and Motor Vehicle Insurance Limited, has demonstrated strong leadership and management.
In addition to the dividend payment, DataCo contributed K14.7 million in taxes, including K9.6 million in GST, and K5.9 million towards community service obligations in education, health, and government connectivity.
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