Board of Directors
|Mr. Simione Sefanaia|
|Mr. Tevita Va’inga Palu|
|Mr. John Paul Chapman|
|Mr. Semisi Tapueluelu|
|Mr. Salesi Fotu|
Tonga Market Corporation Limited (TMCL) commenced operations as a Public Enterprise on 1 July 2007. TMCL’s vision is to establish the main market, Talamahu, as a prosperous market satisfying customer’s needs. The market is located in a prime site in the middle of Nuku’alofa close to the main bus depot, the head office of the Tongan Development Bank, Parliament, the courts and central government administrative offices.
Products sold through the market include fresh produce; vegetables and fruit; local handmade craft goods such as baskets, jewelry and matts; and clothes. A number of retail service centers, such as convenience shops and key cutters, are also located within the market.
As a single asset SOE its financial performance is dependent on the rental revenue derived through its ownership of the market building and adjacent land. Although TMCL has a protected monopoly around the Talamahu market it still faces competition from road side stalls which are set up along Vuna road, particularly on the weekends.
Despite its protected position the company’s returns are low with an average return on assets of just 2.8% in the five years to 2015. To reduce corporate overhead costs, improve governance and encourage rationalization of services and assets, the government will develop a shared board for TMCL and Tonga Assets Managers and Associates Limited (TAMA) and one other SOE during 2016/17. Efficiency gains and cost savings could also be achieved through contracting out the management and maintenance of the market facilities and building.
|Financial Highlights (T$’000)||2014||2015||2016||5-yr Average|
|Net Profit After Tax||115||-59||95||44|
|Cash / Current liabilities||5.530||6.525||…||6.289|