Company History - 33 Year Highlights

1978

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.

1979

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.

1980

Company awarded land at Gordons 5 and plans commenced to build nine townhouses at this location. Shareholders' equity passed the K1.5 million mark.

1981

Total assets exceed K6.4 million. Operating profit of K293,950 achieved. A recession hits PNG.

1982

Construction of nine townhouses completed at Gordons 5 in the National Capital District.

1983

Shareholders' equity passed the K2 million mark.

1984

An additional six townhouses completed at Gordons 5. Company operations relocated to ADF House.

1985

Assets reached K16.3 million and an operating profit of K626,302 was achieved.

1986

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.

1987

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.

1988

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.

1989

Construction of a further 12 townhouses commissioned at "Era Dorina" in Port Moresby.

1990

"Credit House" opened in September. The 12 townhouses completed at "Era Dorina". Revaluation of assets increased shareholders’ equity to K12 million.

1991

24 new apartments commenced at "Era Dorina" Stage 2. First profit of over K1 million achieved.

1992

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.

1993

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.

1994

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.

1995

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.

 

1996

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.

1997

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.

1998

Economic recession develops in both Papua New Guinea and Fiji. Group trading profit of K9,176,973 recorded.

1999

Subdued economic conditions continue, however Group trading profit of K6,852,266 achieved. Application for listing of the Company shares on POMSoX lodged.

2000

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.

2001

Group records trading profit of K11,068,073. Interest rates start to ease. Political stability returns to Fiji following general elections.

2002

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.

2003

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.

2004

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.

2005

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.

2006

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.

2007

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.

2008

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.

2009

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.

2010

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.

2011

Construction of 20 executive one bedroom units commissioned at Era Dorina.

2012

Total assets reach record K1.009 billion. Ela Makana Developments Limited purchased.