VNPF reports strong returns from key investments in 2024

December 30, 2025 11:07 pm | Posted in Business News | Share now TwitterFacebook

By Terence Malapa.

The Vanuatu National Provident Fund (VNPF) recorded solid investment returns in 2024, driven by dividends from major local companies, steady growth in members’ funds, and increased value of its property portfolio, according to its 2024 Annual Report.

One of VNPF’s top performers was UNELCO, the sole electricity provider on Efate Island. UNELCO, which is 49 per cent owned by VNPF and 51 per cent by Engie, generated VT199 million in dividend income in 2024, up from VT153 million in 2023.

The National Bank of Vanuatu (NBV) also delivered improved results. VNPF holds a 56 per cent interest in NBV, having increased its shareholding since acquiring an initial stake during the bank’s corporatisation in 2012. NBV paid VT43 million in dividends to VNPF in 2024, up from VT11 million in 2023.

Through its 37.5 per cent interest in Interchange Limited (ICL), VNPF continued to benefit from Vanuatu’s only submarine cable investment. ICL generated VT31 million in interest income in 2024, slightly lower than VT34 million in 2023. The cable connects Vanuatu to the Southern Cross cable via Fiji and is jointly owned with partners including the Vanuatu Government and Vanuatu Post.

Offshore investments also contributed to returns. VNPF received VT36 million in dividends from the Unit Trust of Fiji (UToF) in 2024. Since investing over VT700 million in 2018, VNPF has earned more than VT60 million in dividends, with the investment now valued at over VT800 million. Discussions are ongoing on the possible establishment of a Unit Trust of Vanuatu, with VNPF as the major shareholder.

VNPF’s property portfolio was valued at VT4.2 billion in 2024, reflecting nearly seven per cent growth from 2023. However, a major earthquake in December 2024 damaged several properties, including the NBV, Utilities Regulatory Authority, and Customs buildings, affecting rental income while repairs are underway.

Members’ funds continued to grow, reaching VT26 billion at the end of 2024, an increase of more than nine per cent from 2023. The general reserve also rose sharply, from VT803 million to VT1.6 billion, strengthening the Fund’s financial position despite challenges from some non-performing investments.