WILLEMSTAD – Management of Dutch Caribbean Air Navigation Service Provider (DC-ANSP) proposed retaining its 2025 profit rather than distributing it to shareholders as the company prepares for major investments in air traffic control infrastructure and technology.
The position contrasts with discussions within the Curaçao government about potentially increasing the company's dividend payout so that Curaçao receives at least ANG 1 million.
According to advice issued by government corporate governance adviser SBTNO, DC-ANSP management wanted the 2025 result added to the company's reserves.
Management pointed to major ongoing and planned investments, including construction of a new operational center, acquisition of a new Air Traffic Management system and implementation of Remote Tower Operations.
The company nevertheless has a strong financial position.
At the end of 2025, DC-ANSP held approximately ANG 41 million in cash and another ANG 4 million in term deposits. Its equity increased to nearly ANG 55 million.
SBTNO acknowledged that the company's solvency and liquidity are strong but warned that this should not automatically be considered sufficient justification for distributing a larger share of its profits.
The existing dividend policy calls for 20 percent of annual profit to be distributed when the company's financial position and investment requirements permit.
Under that arrangement, DC-ANSP would distribute almost ANG 1.1 million for 2025.
Curaçao, with an ownership interest of slightly more than 73 percent, would receive nearly ANG 800,000.
A proposal under consideration within government would seek to increase Curaçao's share to at least ANG 1 million. According to SBTNO, that would require a payout ratio exceeding 25 percent.
The adviser considers such an increase imprudent at this stage because DC-ANSP's costs are rising faster than its revenues.
Operating expenses rose by almost 5 percent in 2025, from nearly ANG 29 million to slightly more than ANG 30 million. Revenue, meanwhile, declined by approximately ANG 500,000 to just over ANG 36 million.
SBTNO therefore recommends maintaining the 20 percent payout ratio.
The advice also highlights an unusual situation involving the Netherlands, another shareholder in DC-ANSP.
Under the proposed 20 percent distribution, the Netherlands would be entitled to nearly ANG 87,000 in dividends. At the same time, DC-ANSP received ANG 557,471 in subsidies from the Netherlands in 2025 for providing air traffic services in Bonaire.
SBTNO noted that DC-ANSP's articles of association allow the Netherlands to waive its dividend if receiving a shareholder distribution is difficult to reconcile with simultaneously subsidizing the company's services.
If the Netherlands chooses to waive the payment, its portion of the dividend could remain within DC-ANSP.