The Samoa Ports Authority (S.P.A.) ended the previous financial year on a high note, wiping its debts and bringing in a record profit of $8.69 million.

The figures are contained in an unpublished annual report into the Government agency’s fiscal performance for 2018-2019. 

The S.P.A. is under the portfolio of the Minister of Works, Transport and Infrastructure, Papali'i Niko Lee Hang, paid a dividend to the Government for that Financial Year of $1.99 million. 

The Chairman of the S.P.A., Tuiloma Neroni Slade commended the Chief Executive Officer So’oalo Kuresa So’oalo the Executive Management and Staff for the milestone achieved by the S.P.A. 

Tuiloma noted a record net profit of $8.69 million for the review year which, he said, was a result of corporate discipline and performance; the newly developed wharf and improved port systems. 

In addition to the $1.99 million dividend paid in 2018-2019 the organisation paid out dividends totalling $3.99 million to cover half of the dividend it had owned from 2016-2018 and 2017-2018. 

“[The] payment in full and final discharge of a long term debt of $18 million in March 2019 [has provided the] Authority, for the first time [in] its operational existence its current debt free status,” said the Chairman.

Tuiloma also acknowledged the election of So’oalo as President of the Pacific Maritime Transport Alliance.

“[This is a] fitting acknowledgment of the Authority’s regional standing,” said the Chairman. 

According to the report, the number of vessels handled during the reviewed financial year rose to 621 from 525 in the year prior. 

Meanwhile cruise ships in 2018-2019 increased by 17 for the Financial Year of 2018-2019. 

“The past two fiscal years have indicated an upward trend financial wise for the Authority and for this [Financial Year] the Authority has continued this upward trend by producing its best ever financial results since its establishment 19 years ago,” said So’oalo. 

He noted the Authority’s cash position continues to remain healthy despite honouring its statutory obligations to repay U.T.O.S. and Government dividends. 

“The ending cash balance of $8.02 million is 21 percent better than [the previous year’s] balance of $6.58 million,” said So’oalo. 

 Tuiloma also acknowledged the election of So’oalo as President of the Pacific Maritime Transport Alliance.

“A fully deserved personal recognition for the S.P.A. General Manager and Chief Executive Officer and also fitting acknowledgment of the Authority’s regional standing,” said the Chairman. 

According to the report, the number of vessels handled during the reviewed financial year rose to 621 from 525 vessels in the previous year. 

There was an increase in the number of cruise ships from five to 17 for F.Y. 2018-2019. 

“The past two fiscal years have indicated an upward trend financially for the Authority and for this F.Y. the Authority has continued this upward trend by producing its best ever financial results since its establishment 19 years ago,” said So’oalo. 

He noted the Authority’s cash position continues to remain steadily healthy despite honouring its statutory obligation in paying off its loan with U.T.O.S. and dividend to the Government. 

“The ending cash balance of $8.02 million is 21 percent better than [the] previous year balance of $6.58 million,” said So’oalo.