Market Announcement: KAM – June 2023 Half Year Announcements

27 September, 2023

Market Announcement: KAM – June 2023 Half Year Announcements

Dear Client,

Please find enclosed is the investor presentation highlighting Kina Asset Management Ltd’s (KAML) half-year financial results ending 30 June 2023 and dividend notice.

Event

KAML records K5.3m profit in first half-year results for 2023.

Impact

Key highlights of this 1H2023 performance include:

• Net profit of K5.3m, up K602,709 from 1H2022 which reported a loss of K4.7m. Key drivers include a significant rise in fair market value of financial assets to K2.6m (up from –K7.1m in HY22) and a 6.2% increase in revenue attributed to a 10% growth in dividend income.
• Dividend payments and interest income added to this strong performance as KAML received a total of around K2.1m in dividend income from it’s PNG shareholdings in BSP Financial Group, Credit Corporation and Kina Securities Ltd.
• KAML’s international investments generated total returns of K2.5m driven by strong growth in US share markets, which also benefited Australian equity holdings bringing in total returns of K1.1m to the company.
• Total income grew to K6.0m (from a loss of K4.0m in HY22) as cash flow rose 15.1% to K9.6m due to lower effects of changes in the foreign exchange rates on cash and cash equivalents.
• Total assets grew 7.4% to K80m (from K74.4m in HY22) again credited to the growth in cash and investments as well as tax receivables (up 13.9%). This growth in total assets effectively saw a 7.2% rise in net assets to K79.6m.
• KAML’s financial strength in this first half has allowed the company to declare an interim dividend of PGK12 toea per share payable 19^th October 2023.

• Ex-Date: 19-Sep-23
• Record Date: 20-Sep-23
• Payment Date: 19-Oct-23
• Amount per share: PGK0.12 toea

Should you have any queries please contact our Funds Management desk for assistance.

• “Half Year Results Media Release”
• “Appendix 4B”
• “Interim Financial Statements”
• “Dividend Announcement”