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S.N.P.F. records $58 million profit

The Samoa National Provident Fund [S.N.P.F.] has made a profit of $58 million, which is an increase of $10 million from last year’s financial gain amid the COVID-19 global pandemic. 

S.N.P.F. Chief Executive Officer, Pauli Prince Suhren, revealed the profit on Thursday in an interview with the Samoa Observer and made reference to Digicel Samoa’s dividend payment which he said was a major factor behind the fund’s profitability this year.

"Just today I was speaking to my staff this morning congratulating them because we have achieved at N.P.F. a record profit of $58 million tala, compared to what I believe was $47 or $48 million last year," he said.

"Our dividend from Digicel is a contributing factor to our profit because this is pure revenue. Digicel is one of National Provident Fund’s major investments through our C.S.L. mobile.

"C.S.L. Mobile which is owned by N.P.F. in the majority owns 100 per cent of the local component of Digicel Samoa and that 20 per cent of Digicel Samoa is owned by C.S.L. Mobile so that 20 per cent as you can see $6.9 million for this year 2020. So it’s a significant contribution to our project."

Pauli added that they are grateful and are looking forward to 30 November when the dividend will be shared with their contributors. 

As of June 30 this year, the S.N.P.F. has recorded a profit of $58 million compared to what was initially projected.

"We had a meeting today with our staff and our results as of the 30th June, we recorded a record profit of $58 million tala compared to the $47 million that was budgeted and is still being finalised by the auditors as we speak.

“But I’m confident that that will be the profit that we’ll be recording in our annual report, so we haven’t yet finalised it but that’s what it looks like at the moment.”

Last year, despite the measles outbreak towards the end of 2019, Pauli emphasised that the S.N.P.F. was still able to record a profit of about $47 million and record net assets of about $800 million.

"If you look at the historical perspective last year, I believe the profit was $47 or $48 million and the budget for this year was the same despite the measles and the COVID-19 crisis, N.P.F. still made a profit, an additional profit at that.

"Our net assets are now also about $800 million which is continuing to go along on what we want to achieve which is reaching the $1 billion tala mark maybe in a few years time.”

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