Nambawan Super Limited (NSL) today announced a record-high Net Profit After Tax (NPAT) of K1.1 billion as part of its financial results for the year 2024. This follows the approval of the audited financial statements by the Board of Trustees last week Friday, 21 March 2025.
Reporting a 3.3% growth in Membership to 235,888 Members with a Net Asset Value (NAV) of K11.2 billion and a record NPAT K1.1 billion, the Board declared an interest rate of 10.5 per cent for 2024 for its Members. Members will be pleased to know that their accounts have already been credited over the weekend, with the interest applied to their balances as at 31 December 2024.
This strong performance has been delivered amidst unprecedented challenges faced by the Fund in 2024; from the Black Wednesday riots that shook the country on January 10, through to the enormous work undertaken to secure vacant possession of NSL’s 9-Mile land portions after more than 30 years. Despite these and many other challenges, the Board, Management and Staff remained resolute in putting Members’ interests first and foremost, tirelessly working to deliver strong results in 2024.
Nambawan Super Limited’s incoming Board Chairman, Mr. Richard Sinamoi, said that with the ever-increasing law and order issues coupled with increasingly unreliable utilities, all of which significantly add to the challenges and costs of local business operations, NSL also continued to face the ongoing issue of securing adequate foreign currency. Locally, investment opportunities continued to lag while international markets appreciated, though still very volatile.
“Throughout all of these challenges, the successful results of 2024 demonstrate the resilience of the Board, Management and Staff of NSL, who amidst these very unique and trying times, have continued to keep their focus on the Fund’s core purpose; our Members. Through strong governance and prudent management, the Fund has delivered on its mandate to protect and grow our Member’s retirement savings.”
“In 2024, despite the tough economic conditions, our financial performance has shown very strong results due to the appreciation of the prices of overseas equities, and the price of BSP Financial Group, both on PNGX and ASX.”
“Locally the Fund’s assets did not perform well, with lower dividends realised from the Fund's unlisted equity holdings and reduced rental income. State securities, however, have seen significant investments yields, which prior to this year have been declining. Investment Properties increased due to the valuation of Portion 2158 of the 9-Mile Land Portions. The Fund's listed equities performed well, driven largely by the strong performance of BSP Financial Group, Credit Corporation PNG and SP Brewery.”
“Additionally, foreign exchange gains, largely driven by the Bank of PNG’s currency devaluation program, have also contributed to the strong performance of the Fund’s offshore investments.”
“Domestic listed equities have recorded unrealised capital gain with BSP Financial Group accounting for the majority of the gains. Credit Corporation PNG has also posted unrealised capital gains. This is essentially a pass on from its own shareholding in the BSP Financial Group. CPL shares fell slightly due to the impact of the Black Wednesday riots at the start of the year, recording an unrealised capital loss as a result.”
“For the first time our cash holding is lower than prior years as a result of investments into State Securities and offshore investments. Our strong growth has mainly been driven by the capital appreciation of the offshore and domestic equities, coupled with the impact of the depreciating Kina.”
“This is why NSL employs an investment strategy that aims to reduce risks by running a balanced investment portfolio with about 20% of our investments offshore and about 80% locally invested. This is done to de-risk the Fund and protect our Members’ superannuation savings should one investment not perform well.”
“Despite the very tough local and volatile global economic conditions of 2024, I have no doubt that our Members will be happy with the results of their Fund”
Mr. Sinamoi noted that;
- Fund Membership grew by 3.3% to 235,888 Members, from 228,319 in 2023.
- Net Asset Value now totals K11.2 billion, an increase K1.36 billion compared to K9.84 billion in 2023.
- Net Profit After Tax a record-high of K1.1 billion, representing a significant increase of K425 million from the 2023 NPAT of K659 million.
- Annual interest rate of 10.5% return for Members compared to 7% in 2023.
- Member Contributions Received totalled K961 million, compared to K970 million in 2023.
- Member Benefits Paid totalled K703 million paid out through Exits such as resignation; retirement, Death Benefit Payments, Transfers, Unemployment Benefits, Housing Advances and RSA Withdrawals to Members and or Member Beneficiaries, compared to K781 million paid out in 2023.
In addition to the successful 2024 financial results announced by the Chairman, NSL also delivered the following positive outcomes for its Members in 2024, such as:
- State Share Benefit payments of K55 million paid out to 1,112 Members.
- Housing Advance of K115 million paid out to support 5,029 Members either purchase, build or improve their homes.
“While 2024 was a challenging year locally, I would like to reiterate that Nambawan Super will continue to deliver on our mandate of protecting our Members superannuation savings, regardless the economic climate.”
“We are extremely proud that amidst all the external challenges, we remain able to promptly process and payout Members Benefit Payments. Members can rest assured with the knowledge that when the time comes for them to collect their superannuation savings, not only will it be readily available to them, it would also have grown substantially.”
“I would also like take this opportunity to remind our Members that superannuation is a long-term investment. From year to year results may go up or down, but it’s important to take a long-term view.”
“This is why in today’s fast-paced and rapidly changing world; the Fund must remain agile and responsive to shifts in the market place. The operating environment is now more interconnected and interdependent than ever before, and while this brings many opportunities, it also brings its fair share of challenges and risks.
“As such, the Board has worked closely with the Management Team throughout 2024 to deliver a revised 3-Year Strategic Plan with Members interests at the forefront. The revised strategy is being executed commencing 2025 with a strong focus on leveraging technology to drive efficiency and improve customer experience.”
“With the increasing cybersecurity threats experienced across a number of major organisations recently, cybersecurity is and will remain a critical focus area for Nambawan Super Limited. We take the protection of our Members’ data and information very seriously, and we will continue to proactively apply the highest standards of cybersecurity in order to protect our Members.”
“As the largest, longest-serving, and most trusted superannuation fund in the country, our commitment to our Members remains unwavering; Member’s will continue to remain at the heart of everything we do, and we will continue to prioritize your interests and financial security above all else.”
NSL’s Chief Executive Officer, Mr. Paul Sayer also added that in 2024, NSL saw an increase in the number of Members across it’s Voluntary Contributions, Choice Super and Retirement Savings Account products.
Mr. Sayer said, “an additional 2,000 Members took up Voluntary Contributions in 2024 which is a 6% increase over 2023.”
“We understand that saving for retirement is challenging, particularly during these hard times. I’d like to acknowledge the dedication of our Members who remain steadfast in their goal of achieving a comfortable and financially secure retirement, while balancing the financial pressures of today.”
“Despite these difficulties, our Members continue to persevere, trusting that their superannuation savings will grow stronger under our prudent management.”
“I encourage more Members to continue to save and use this product in order to maximize the interest earned on their savings over the long term. An extra K10 every fortnight can add thousands to your superannuation, through the power of compound interest.”
“While we remain cautiously optimistic, regardless of the challenges and the economic environment in 2025, Members who are considering retirement can rest assured that your funds remain safe and protected by Nambawan Super. Your superannuation savings will be made available to you, including your interest earned and the employer portion received by NSL, once you are ready to exit.”
In closing, Mr. Sinamoi took the opportunity to congratulate Nasfund and Comrade Trustee Services Limited for their strong performance in 2024, and the benefits and security that superannuation industry collectively delivers to its Members.”
“Superfunds play a vital role in securing the financial future of their Members, and our collective efforts contribute to a stronger, more secure future for all Papua New Guineans and the country as a whole.”
“In closing, on behalf of the Board of Directors, I would like take this opportunity to thank our Members for your trust and commitment toward building a financially secure and comfortable retirement, during these very difficult times.”
“I also extend my deepest gratitude to the Board of Directors for their leadership and acknowledge the hardworking Management and staff of Nambawan Super throughout the country, for their efforts in delivering outstanding results for our Members in 2024”.
