02/08/2026
SINPF PRESS RELEASE
AUDITOR GENERAL SIGNS OFF SINPF BOARD 2024 ANNUAL ACCOUNTS
3 August 2026
The Fundβs 2024 audited financial statement for the 12-month period ending 30th June 2024 was approved for sign off on 29 June 2026 by the Board and the Auditor General. The delayed completion of the Fundβs 2024 audit was primarily due to the protracted discussions on the Fundβs domestic investment propertiesβ annual revaluations with the Fundβs external auditors.
As a result of the delay in finalizing our domestic investment property valuations, the Board secured approvals from the Central Bank of Solomon Islands for extensions to complete its 2024 audit.
The Fund at the end of the 2024 financial year recorded a net increase in net assets from operations of $126,819,279 after adjusting for costs and net gain in fair value on our traded and non-traded investment assets. This is a large reduction from the previous yearβs level of $263,625,321.
The Fundβs 2024 financial year performance weakened due to lower net changes in fair value in our listed and unlisted international and national equity asset valuations, exchange rate movements and domestic investment property revaluations.
Firm dividends and interest incomes were received from South Pacific Oil Limited, Solomon Telekom Company Limited, BSP Financial Group Limited, UBS Australia Share Fund, Heritage Park Hotel Limited, Soltuna Limited, Solomon Submarine Cable Company Limited, Solomon Finance Ltd and Solomon Housing Limited.
Interest income from our government treasury bills and long-term development bonds also contributed strongly to the Fundβs investment income during the year. The returns from this investment asset class expanded in the year with competitive rates secured from the government on their long-term development bonds.
Rental income from our investment properties slightly improved to just under $34.3 million on 2023 rental amount of $34.2 million.
Total contributions received from members reached $424,140,574 in the year, an increase of just under $14.5 million on the previous year level of $409,605,606. Member benefit payments fell in the year to settle at $356,565,322, a reduction of $34.4 million on 2023 level of $390,979,820.
As a result of the Fundβs satisfactory financial performance the Board was able to declare a crediting rate of 6% for its members on 30th September 2024.
SINPF Press August 2026