Company History - 33 Year Highlights
Company incorporated on 25 April. Business commenced in June at Four-Mile, Port Moresby. By year end shareholders’ equity had reached K501,016 and a trading profit of K38,201 was achieved.
Operations relocated to Badili. Public share issue resulted in 339,105 additional shares being issued. Total assets had reached nearly K5 million. Rabaul Office established.
Company awarded land at Gordons 5 and plans commenced to build nine townhouses at this location. Shareholders' equity passed the K1.5 million mark.
Total assets exceed K6.4 million. Operating profit of K293,950 achieved. A recession hits PNG.
Construction of nine townhouses completed at Gordons 5 in the National Capital District.
Shareholders' equity passed the K2 million mark.
An additional six townhouses completed at Gordons 5. Company operations relocated to ADF House.
Assets reached K16.3 million and an operating profit of K626,302 was achieved.
A further 537,000 shares were issued. Negotiations completed for the purchase of land in Cuthbertson Street, downtown Port Moresby. Shareholders' equity approached K4 million.
A residential town subdivision lease was secured over land at Ela Makana in Port Moresby. Assets pass the K20 million mark. A public share issue raises a further 1,777,727 shares.
A tender of K7.6 million was accepted for construction of a high-rise office building in downtown Port Moresby. Nine townhouses constructed at "Era Dorina" Stage 1. Company assets exceed K30 million.
Construction of a further 12 townhouses commissioned at "Era Dorina" in Port Moresby.
"Credit House" opened in September. The 12 townhouses completed at "Era Dorina". Revaluation of assets increased shareholders’ equity to K12 million.
24 new apartments commenced at "Era Dorina" Stage 2. First profit of over K1 million achieved.
Credit Corporation (Fiji) established and returns an inaugural profit of F$66,638 while total assets exceeded F$5 million. The 24 townhouses at "Era Dorina" completed and tenanted.
Founding Chairman, Sir Albert Maori Kiki KBE passes away. Sir Henry ToRobert KBE appointed as Chairman. Decision taken to build a further 12 apartments at "Era Dorina". Equity acquired in the Bank of South Pacific as a long term strategic investment. Group profit exceeded K3 million.
Construction of 12 additional apartments at "Era Dorina" Stage 2 completed bringing the total at the "Era Dorina" complex to 57 fully tenanted townhouses/apartments. Serious volcanic damage in Rabaul necessitates a special provision of K450,000 to cover possible losses. Credit Corporation (Fiji) Limited is issued with a credit institution licence by the Reserve Bank of Fiji.
Revaluation of property increases shareholders' equity to K25.6 million and assets to K118.17 million. Five additional townhouses purchased at Gordons 5. Focus Finance established in Australia.
Shareholders’ equity reaches K27.5 million and Group operating profit exceeds K4 million. Focus Finance affected by interest rate war in Australia. This investment written off.
Office established in Nadi, Fiji. Group records trading profit of K8.07 million while Group assets exceed K155 million. The Fiji subsidiary achieves a record profit of F$2.09 million.
Economic recession develops in both Papua New Guinea and Fiji. Group trading profit of K9,176,973 recorded.
Subdued economic conditions continue, however Group trading profit of K6,852,266 achieved. Application for listing of the Company shares on POMSoX lodged.
Company listed on POMSoX. Group trading profit of K8,186,158. Coup takes place in Fiji. Subdued economic conditions and high interest rates continue. Group assets exceed K200 million and shareholders’ equity reaches over K55 million.
Group records trading profit of K11,068,073. Interest rates start to ease. Political stability returns to Fiji following general elections.
Group records trading profit K11,116,039. Violence mars Papua New Guinea general elections. Recession grips Papua New Guinea. Group assets exceeded K243 million and shareholders' equity reaches K85 million.
Group posts record trading profit K25,579,248. Treasury Bills reach year high of 19.69%. Fiji operations show significant increase in profitability to F$2,704,228.
Group records a trading profit K25,178,619. Total assets reach K306,531,010. Lae Branch established. Fiji increases profit to F$4,730,796.
Group records trading profit K114,125,633 for 2005. Total assets reach K408,483,313. Credit Corporation (S.I.) Limited established in Honiara, Solomon Islands. Construction begins on Stage 3 at Era Dorina.
Group records trading profit of K56,929,609. Total assets reach K496,714,854. Riots in Honiara affect Solomon Islands result. Fiji experiences military coup.
Group records trading profit of K187,036,567. Total assets reach K681,383,423. Credit Corporation (Vanuatu) Limited established in Port Vila, Vanuatu. Office established in Lautoka, Fiji. Credit House, 10 Gorrie St, Suva opened. Stage 3 of Era Dorina, 18 townhouses completed and fully tenanted.
Group records trading profit of K144,033,407. Total assets reach record K779,743,505. Global financial crisis pushes most of the world towards recession.
Group trading profit of K20,454,525. Total assets reach record K811,356,679. Stage 4 Era Dorina, 18 executive apartments completed and fully tenanted.
Construction of the US$15 billion PNG LNG Project begins. K2 million On Market Share Buy Back launched. Property purchased in Lae for new branch office.2008.
Global financial crisis pushes most of the world towards recession.
Construction of 20 executive one bedroom units commissioned at Era Dorina.
Total assets reach record K1.009 billion. Ela Makana Developments Limited purchased.