The Unit Trust of Samoa (UTOS) reported a $10 million tālā increase in earnings for the 2024 financial year, according to financial reports presented at its 14th annual general meeting.
The Samoa Observer reports that the AGM of UTOS brought together trustees, the board of directors, management, auditors, and unit holders to review the Trust’s performance for the year ending 30 June 2024.
According to the Financial Report, presented by Chief Executive Officer Tevaga Viane Tagiilima, UTOS ended the financial year with a strong performance despite global and local challenges. A total of $9.34 million tālā was distributed to 5,983 unit holders—an increase of 16 per cent from the previous year’s 5,148.
With limited local borrowing activities, UTOS shifted more of its investment focus to regional listed equity markets. This move expanded the investment portfolio to $294 million tālā, showing a 16 percent rise from 2023.
This resulted in over $4 million tālā in dividend income and an $11.03 million tālā gain from increased market value of investments.
Total net assets rose to $224,795,146 million tālā in June 2024, up from $182,524,746 million tālā in 2023.
The Trust’s main source of income for dividends remains to be its lending portfolio.
