GOVT. RECEIVES $3 MILLION DIVIDEND FROM SPA
By: Asenati Taugasolo Semu
The Samoa Ports Authority (SPA) Monday presented a dividend of $3,040,914.00 to Government.
The cheque was presented to Prime Minister Tuilaepa Sailele Malielegaoi by the Deputy Chairman of SPA’s Board of Directors, Tuatagaloa Shane Wulf.
Tuilaepa acknowledged the presentation by SPA and elaborated on the importance of the work of State Owned Enterprises in contributing to the Government’s development agenda with dividend pay-outs.
“Government’s long term vision is for Corporations and all state owned enterprises to turn a profit to contribute for the development of the country’s economy,” said the Prime Minister.
Tuatagaloa said this is the fourth year SPA’s financial position has recorded a net profit which allowed the Authority to pay dividends to its shareholder, the Government of Samoa, as regulated under the Public Bodies Act.
“The dividend declared and approved by the SPA Board represents 35% of the Audited Net Profits of $8,688,327 for the Authority’s financial year ending 30 June 2019,” said Tuatagaloa.
“From 2016 to 2019, SPA has paid a total dividend of $10.4 million Tala to Government.
“As a state owned entity (SOE), the Authority is proud of its good financial record allowing it to honour its statutory responsibilities such as paying its dividend to assist the Government with its many developments.
“One of these developments according to Tuatagaloa is the relocation of the leading light for incoming vessels which is currently located at Palisi on the side of Mt. Vaea.”
