Nambawan Super Limited (NSL) today has announced a record-high Net Profit After Tax of K1.1 billion as part of its financial results for the year 2024 and 10.5% interest credit rating for its 235,888 members. This follows the approval of the audited financial statements by the Board of Trustees last week Friday, 21 March 2025. NSL incoming Board Chairman, Mr. Richard Sinamoi stated that NSL recorded 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. Mr. Sinamoi said 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 of 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,” Mr. Sinamoi said. He said that 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. “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,” he said. Mr. Sinamoi added that in 2024, despite the tough economic conditions, their 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 realized 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,” he said. Mr. Sinamoi said 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 unrealized capital gain with BSP Financial Group accounting for the majority of the gains. Credit Corporation PNG has also posted unrealized 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 unrealized capital loss as a result. For the first time our cash holding is lower than in 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,” Mr. Sinamoi said. He added that this is why NSL employs an investment strategy that aims to reduce risks by running a balanced investment portfolio with about 20% of their 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 said.