UTOS Presents over $90,000 Interim Dividend to Government

February 29, 2020

353

February 27th 2020; The Unit Trust of Samoa (Management) Limited (UTOSM), a Government State Owned Enterprise (SOE) tasked with the managing of the Unit Trust of Samoa (“Trust”), presented an interim dividend payment of SAT$90,124 to the Government of Samoa.

This Dividend represents a 35% net profit for the first six months of operations for the current financial year 2019/2020 for UTOSM. The Ministry of Public Enterprise (MPE) Chief Executive Officer Elita To’oala accepted the dividend payment on behalf of the Government of Samoa.

CEO MPE Elita To’oala, CEO for UTOS Tevaga Viane Tagiilima

To date UTOSM has paid a total of 2.3 million tala to the Government of Samoa through its dividend payouts since its inception in 2010. With this now declared interim dividend of SAT$90,124, brings the overall total to 2.4 million tala.
As per Public Trading Return on Equity Policy the interim dividend payout is based on 35% of SOEs total net profit for the first six months of operations. For UTOSM, this amount represents the 35% of its total net profit from its operations from 1st July 2019 to 31st December 2019.

This interim dividend payout follows another encouraging financial performance by ‘the Management Company’ for the year ended 30 June 2019, where it posted a Total Net Profit of $397,925. Last year the interim dividend paid out in 2019 to the Government for UTOSM was $64,472 for the financial year 2018/2019 and now with the current financial year interim dividend it indicates a 40% increase.

The Board of Directors, Management and Staff of ‘the Management Company’ are pleased to continually achieve the target Return on Equity Policy and become a self-sustaining entity, and at the same time provide satisfactory returns to not only the Government of Samoa but also to its Unitholders invested in the Trust.