WILLEMSTAD – The Curaçao government is considering increasing the dividend payout from air navigation service provider DC-ANSP in an effort to secure at least ANG 1 million for the country, but government corporate governance adviser SBTNO is warning that taking more money out of the company would not be prudent at this time.
The issue is addressed in advice from Stichting Bureau Toezicht en Normering Overheidsentiteiten (SBTNO) concerning DC-ANSP's 2025 annual accounts and dividend policy.
Under the existing policy, Dutch Caribbean Air Navigation Service Provider (DC-ANSP) distributes 20 percent of its annual profit as dividend, provided requirements concerning solvency, liquidity, investments and other financial indicators are met.
At the current 20 percent payout ratio, the total dividend for 2025 would amount to almost ANG 1.1 million.
Curaçao, which owns slightly more than 73 percent of the company, would receive nearly ANG 800,000. Sint Maarten would receive approximately ANG 205,000, while the Netherlands would receive nearly ANG 87,000.
However, SBTNO said a handwritten comment accompanying the Ministry of Finance's advice suggested reconsidering the 20 percent payout ratio because of DC-ANSP's strong solvency and liquidity position.
The comment specifically raised the possibility of increasing Curaçao's dividend to at least ANG 1 million.
The Minister of Traffic, Transport and Urban Planning subsequently asked SBTNO whether maintaining the existing 20 percent payout ratio remains appropriate given the company's current financial position.
According to SBTNO, paying Curaçao approximately ANG 1 million would require increasing the payout ratio to more than 25 percent.
At exactly 25 percent, DC-ANSP would distribute approximately ANG 1.4 million in total dividends. SBTNO noted that this would exceed the total dividend distributed for 2024, even though the company's profit was lower in 2025.
The adviser therefore urged caution.
Although DC-ANSP remains financially healthy, its profitability is under pressure. Operating expenses increased from almost ANG 29 million to slightly more than ANG 30 million in 2025, an increase of nearly 5 percent.
At the same time, total revenue declined by approximately ANG 500,000 to just over ANG 36 million.
Personnel costs increased due in part to higher salaries, retroactive payments under the collective labor agreement and additional employees. General expenses, housing costs and long-term obligations also increased.
SBTNO therefore recommends maintaining the existing 20 percent dividend payout for now, leaving Curaçao with approximately ANG 800,000.
The adviser also stressed that determining DC-ANSP's dividend policy or proposing a new payout percentage is not formally SBTNO's responsibility. That decision belongs to the company and the ministries of Finance and Traffic, Transport and Urban Planning.