PNG Directories Limited made its first-ever dividend payment of K500,000 to Telikom Limited last week.
Managing Director Jessie Pendene said the company’s improved profitability was due to cost-cutting initiatives and eliminating financial leaks while maintaining a stable revenue position.
Mr Pendene said the main cost savings have been in management fees and rental payments.
“The value of the net dividend paid to Telikom Limited was K500,000 and this is the first ever time that PNG Directories Limited (PNGDL) has paid a dividend to Telikom Limited,” he said.
“Telikom Limited became a 100% shareholder of PNGDL after its partner O’Briens Limited of Australia sold its shares towards the end of 2020.
“The company’s financial performance was deteriorating over the years and O’Briens sold his stake to Telikom Limited at a price of just one kina (per share).”
He said PNGDL is confident of remaining profitable in the future as it is now focusing its efforts on diversifying its revenue sources and will not be entirely dependent on its printing business.
“In addition to its plans to have online directories, it has also ventured into online platforms as well as payment platforms with commercial banks,” CEO Pendene said.
PNG Directories Limited is Papua New Guinea’s leading publisher of directory classified products (PNG Yellow Pages).