Company Information
Results for Credit Corporation (SI) Limited for the year ended 31 December 2010 show a net profit after tax of SBD2.13 million (PGK0.73 million), a decline of 22.17% over 2009.
Business remained flat during the first nine months but showed a positive improvement in the last quarter, reporting strong growth in both our receivable and operating profit lines. The Balance Sheet continues to show steady growth in all key areas.
In terms of the overall receivables portfolio, the Transport sector continues to be the main industry absorbing 39%, the Construction sector 22%, Professional Services & Others 17% and the balance 22%.
Increased business activities generated by Guadalcanal Plain Plantation Oil limited (GPPOL), Gold Ridge Mining, cocoa and copra production, particularly on Malaita and Guadalcanal, have driven the growth in these sectors.
We anticipate moving into new office premises by mid 2011. The new building is owned by a consortium including Lamana Development Limited, NASFUND and National Provident Fund of Solomon Islands and is located opposite the Central Bank of Solomon Islands and next to the Heritage Park Hotel. This will greatly improve our exposure and firmly cement our commitment to the Solomon Islands.
The Solomon Islands economy continues to report positive growth but at a slow pace. Traditional export commodities such as logs, palm oil, cocoa, copra and fish continue to dominate the export market. Gold Ridge Mining will pour its first gold in 2011. The country's external foreign exchange reserves stood at SBD2,070 million (PGK709.22 million) at the end of 2010. This result was largely driven by donor budget support and rising export receipts from the areas mentioned above.
The current government took office during September 2010 and has yet to table the 2011 national budget in the Parliament.
The commitment to the Solomon Islands that Credit Corporation (SI) Limited has demonstrated over the past five years remains strong. We are confident that with good governance and the ongoing support from RAMSI and all stakeholders in Solomon Islands, Credit Corporation (SI) Limited will continue to assist the people of the Solomon Islands to realise their financing and investment needs for many years to come.
Tony Langston
Solomon Islands
