The Samoa Ports Authority (S.P.A.) has made a SAT$3.7 million dividend payment to the Government, which represented 35 per cent of the State-owned entity's net profit.

The $3,737,974 dividend cheque was presented by the Minister of Works Transport and Infrastructure, Olo Fiti Vaa'i to the Prime Minister, Fiamē Naomi Mataʻafa.

In a press statement issued by the SPA on Friday, the S.O.E. said the dividend payment to the Government represented 35 per cent of the Authority’s audited net profits of $10,679,925 for the financial year ended 30 June 2022.

This is the sixth consecutive year the S.P.A. has paid dividends to its shareholder, the Government of Samoa with the total monetary value of the dividends paid for the financial years 2016/17 to 2021/22 totalling close to $20 million.

The S.P.A. General Manager, So’oalo Kuresa So’oalo, said he was elated that the authority continues to pay dividends to the Government to assist the country's development.

"We are pleased that we are able to pay the prescribed dividends and share the authority’s financial success with the Government to assist with it’s many developments for Samoa," So’oalo said.

"It is another excellent financial year for the authority with a new record profit and it is the first time the authority has surpassed the $10 million tala mark in net profits despite the challenges during the year due to Covid-19."

The authority said in the statement that as an S.O.E. it is proud of it’s sound financial performance to date and being able to pay dividends.

"Moreover, irrespective of the impacts of Covid-19 on market conditions during the financial year, S.P.A. still managed to achieve a record profit of which all glory should be returned to the Omnipotent. 

"S.P.A. wishes to acknowledge the support of Government, it’s business partners, port users and all stakeholders, the Honourable Minister, Board of Directors, Management and most importantly, the hard working staff, the driving force behind the better results."

Accepting the dividend cheque during the brief presentation ceremony, Prime Fiamē thanked Minister Olo and the S.P.A. Board and management as well as their staff for their hard work which enables the Authority to continue to pay dividends for the nation’s developments.