• Revenues up 9.3% to K717.4 million
• Profit up 19.9% to K47.0 million
• Dividend of 70 toea per share proposed
• Investments in logistics and technology platforms to support future growth

Steamships Trading Company Limited has reported its full year results for 2024, with revenues increasing 9.3% to K717.4 million and profit up 19.9% to K47.0 million. The trading environment was challenging, with ongoing inflationary pressure and difficulties accessing foreign currency, but the company took a disciplined approach to cost and capital expenditure, investing in human capital and technology platforms. Steamships' hotel, property, and logistics divisions all reported solid performances, with the Logistics division investing significantly in assets, personnel, and fleet maintenance to build a foundation for growth. The company's joint venture Colgate-Palmolive (PNG) Limited was impacted by events in January but showed improvement in the final quarter. Looking ahead, Steamships will maintain a cautious approach to committing capital until final investment decisions are reached on major resource projects, which are expected to provide a boost to the macro-economic environment from the second half of 2025. The company proposed a final dividend of 30 toea per share, bringing the total dividend for the year to 70 toea per share.

Steamships expects natural resources projects to gain traction from the second half of 2025, providing a boost to the macro-economic environment. The company will maintain a cautious approach to committing capital to project-related activity until final investment decisions are reached.

Steamships is optimistic about the reopening of Porgera, the signing of the Pasca A Gas Agreement, and the announcement of a PNG team joining the NRL in 2028, which have generated some optimism. The company will continue to actively contribute to the economic and social development of Papua New Guinea, its home and principal place of business.