Philippine Ports Authority net profit up 9% in 1H 2022
The Philippine Ports Authority (PPA) continues to recover from the effects of the global pandemic, with its net income increasing by 9% in the first six months of the year, according to the PPA statement.
The agency’s net income is now just 13% down from the pre-pandemic figure. PPA’s net income declined by up to 50% during the onslaught of COVID-19 in 2020.
The PPA data showed that net income for the reporting period reached P5.024 billion compared to P4.611 billion recorded in 2021. Against the target of P4.056 billion, the actual figure is 24% higher.
Gross revenue, on the other hand, climbed 14.28% to 9.438 billion pesos for the period from 8.258 billion pesos recorded in 2021. Expenses, meanwhile, rose 14% to 4.413 billion pesos from 3.646 billion pesos in 2021.
Nearly all PPA revenue streams showed a positive variance for the January-June 2022 period, with the largest increase in revenue from concession fees and other revenue showing a 552% increase, followed by storage fees which increased by 55% and national impurities which increased. by 28%. Lay-up trading revenue and interest revenue suffered the biggest setbacks in the period, falling 93% and 87%, respectively.
The PPA has seen an average revenue increase of at least 9% over the past 18 months, which is a steady pace that is approaching pre-pandemic levels.
PPA is also committed to further improving its operations based on earlier statements made by Chairman Ferdinand R. Marcos, Jr., and Secretary of Transportation Jaime J. Bautista. Initially, the agency targets these low-hanging fruits and slowly grows from there.
Earlier, PPA reported that total cargo throughput declined by 1.46 percent to 125.485 million metric tons (MMT), from 127.343 MMT in the same period last year. Export volume showed the largest decline of 14.4%, dragging total foreign cargo volume down 5.5%.
In terms of containerized cargo traffic, an increase of 2.66% was recorded to reach 3.733 million twenty-foot equivalent units (TEU) anchored on the increase of 6.14% recorded by imported cargoes in boxes. Domestic box volume, meanwhile, fell 1.83% to 1.413 million TEUs.
Passenger volume again showed a 144% increase as domestic tourism, trade and regular travel activities resumed earlier this year.