CPL Group Expands Across Papua New Guinea with 4 New Retail Locations

CPL Group, the leading retail group in Papua New Guinea, has announced its financial results for FY2022. There are some good news for investors looking to earn more from their investments.

Despite tough business conditions and disruptions due to the National Elections, the

• company's revenue grew by 5.1%,
• profit after tax was K15.5m, and
• dividend declared for FY2022 is 25% higher than FY2021, at 5 toea per share. 

Download the CLP Croup Financial Report FY2022, PDF

City Pharmacy Limited

The company's parent company, City Pharmacy Limited, which operates pharmacy outlets across Papua New Guinea and Stop & Shop supermarkets in Port Moresby, experienced revenue growth of 5.1%. 

Meanwhile, the home and lifestyle brand Hardware Haus maintained its market position from the previous year. 

Joint venture businesses, Jacks of PNG and Prouds PNG, contributed significantly to the company's financial growth, with a steep incline of 150% compared to the previous financial year.

CPL Group's expansion

CPL Group's expansion efforts were also successful, with the opening of four new retail locations across the country, including Hardware Haus in Goroka and North Waigani, Port Moresby, and City Pharmacy in Kundiawa and Eriku in Lae. 

This brings the total number of retail outlets to 78 across PNG, including joint venture businesses.

CPL Group Dividend Payment 

For shareholders, the:

• ex-date for dividend payment is on March 22nd, 2023, 
• record date is on May 1st, 2023, and 
• payment date is May 30th, 2023. 

This information is crucial for shareholders to receive their dividend payments on time.

CPL Group's commitment to delivering outstanding value and exceptional customer service for its communities, customers, suppliers, and team members is evident. 

The company's aim to be the preferred shopping destination in Papua New Guinea shows its dedication to its customers' needs. 

As the company ventures into the next 12 months, it will remain focused on ensuring shareholder value.

Investors takeaway

According to the FY2022 financial statement released by CPL Group, the company opened four new retail locations across Papua New Guinea. These new locations are:

1. Hardware Haus in Goroka
2. Hardware Haus in North Waigani, Port Moresby
3. City Pharmacy in Kundiawa
4. City Pharmacy in Eriku, Lae

In Brief

ICPL Group's FY2022 financial statement shows steady growth despite tough business conditions and disruptions. 

The company's financial performance is impressive, with a 25% increase in dividend payments compared to the previous year. 

Its expansion efforts and commitment to delivering outstanding value and exceptional customer service make it a promising investment opportunity for investors looking for long-term growth potential.

Credit Corporation PNG Commercial Bank Approval - Exciting Opportunities Ahead

Credit Corporation PNG has reported its financial results for the financial year ending December 31, 2022. 

• The company's core operating profit was K98.8m, up 25.0% from the previous corresponding period (PCP). 
• The net profit after tax (NPAT) was K86.04m, an increase of 11.9%. 
• The company's earnings per share rose from 25 toea to 28 toea per share. 
• The total risk-weighted capital ratio increased from 40.1% to 45.0%. 
• The dividend per share for FY22 was 22.5 toea, up 25.0% from the previous year.

Download the full report here.

Credit Corporation PNG dividend income

The Finance Division of Credit Corporation had an NPAT of K36.6m, up 41.9% from the PCP, while the Property Division recorded a core operating profit of K13.4m, up 31.0% from the PCP. 

The company's dividend income increased from K52.9m to K61.5m.

Credit Corporation PNG Commercial Bank 'Approval'

Credit Corporation is transitioning to becoming a fully-fledged niche commercial bank, and the Bank of PNG granted it 'Approval in Principle' for an unrestricted banking license. 

The company's outlook is positive, and it will continue to focus on pursuing growth opportunities while maintaining a strong balance sheet and disciplined approach to managing the quality of its loan book.

Investors' takeaway

For investors, the key takeaways are that Credit Corporation's financial performance for FY22 was strong, with an increase in profitability, earnings per share, and dividend per share. 

The company's decision to transition to a fully-fledged niche commercial bank and its Approval in Principle from the Bank of PNG for an unrestricted banking license are important developments to watch. 

The company's focus on disciplined management of its loan book and strong balance sheet is reassuring for investors.

Read about how to invest in PNG Stocks, Treasury Bills and Government Bonds.

In Brief:

Credit Corporation PNG has reported a strong financial performance in FY22, including a 25% increase in core operating profit and 11.9% rise in NPAT. The Group's total risk-weighted capital ratio rose to 45%, while its property division recorded a core operating profit of K13.4m. Credit Corporation also declared a final dividend for FY22 of 12.3 toea per share, a 25% increase compared to FY21. The Bank of Papua New Guinea granted the company 'Approval in Principle' for an unrestricted banking license, allowing it to transition to becoming a bank and ultimately listing on the ASX.