The Government of Tonga, being the sole shareholder of power, water and waste utilities and the subsidiary companies Tonga Gas/Home Gas, is the sole beneficiary of this dividend.
This dividend declaration was presented during the Common Utility Board’s Annual General Meeting on the 4 of December 2018.
A statement said it comes off a successful financial performance by Tonga Power Ltd, Tonga Water Board, Waste Authority Ltd and Tonga Gas Ltd/Home Gas Ltd for the year ended 30 June 2018 where the utility companies posted a combine Dividend of $6,976,799 pa’anga.
(Tonga Power Ltd, Tonga Water Board, Waste Authority Ltd and TPL subsidiaries -Tonga Gas & Home Gas).
This also marks another record for the amount of tax payable to Government for $2,353,791.00 with is the collective tax payable from all three utilities including Tonga Gas and Home Gas Limited.
The Tax Payments are being paid individually to the Ministry of Inland Revenue from each utility’s annual return.
Despite major damages caused by TC Gita & TC Keni to Tongatapu & Eua during the year, including holding the electricity price for the whole year, TPL still managed to reach a good profit at the end.