Port Authority records over $6 million profit
The Samoa Port Authority (S.P.A.) has recorded a $6.98 million net profit in the 2016-2017 financial year.
This is according to their annual report 2016-2017 which was tabled in Parliament during its recent session earlier this month.
The report by Chairman of S.P.A. Reverend Elisaia Fiu Kolia noted that there was more control in the State company’s operations and total revenue received during that financial period amounted to $18.3 million, which was an increase of $2 million from the previous financial year.
There was a total spending of $11.3 million which reflected a reduction in expenditure in comparison to the previous year.
“Operating revenue rose by 12 per cent compared to the previous financial year despite cancellations of confirmed big ships and cruises.
“The equity movement has shown an increase from $132 million in 2016 to $138 million in 2017.
“Total fixed asset was reduced from $195 million in 2016 to $193 million in 2017; with the main contributing factor being the writing off of non-operational heavy machinery,” Reverend Kolia stated in the annual report.
Furthermore, the Chairman noted that with the completion of the Port Rehabilitation Program funded by Japan International Cooperation Agency (J.I.C.A.) in June 2018, the S.P.A. is in a positive direction to reinstate all projected revenue mainstreams, and is confident their operations will make significant improvements in the coming years.
The S.P.A. also noted developments to improve their electronic systems by installing main wharf power to manage load capacity, and replace new switch board for the wharf. This is on top of new housing for generator, new reefer plugs and two new mooring buoys for gas carriers.
The annual report also outlined the new plans by S.P.A. to redevelop the Asau and Aleipata ports, purchase a new pilot boat and the Huanan fishery company fish cool storage and implementing of new computerised manifest and wharfage system.
In relation to the Asau port, the S.P.A. plans to widen and deepen the entrance to the said port from 28 meters to 58 meters wide is still under consideration. The determination of how best this wharf can be utilised to generate economic activities for the island of Savai’i and generate more revenue for the authority is also under consideration.
The S.P.A. Chief Executive Officer, So’oalo Kuresa So’oalo, indicated in the report that the year was a good year financially.
So’oalo was appointed as C.E.O. to S.P.A. last year October; after the Late Aiganala’avasa Uialatea Fereti passed away in September, 2017, after serving a year and three months as C.E.O. Aiganala’avasa’s “tremendous contribution” to S.P.A.’s finances were highlight by So’oalo in the report.