SPA records year-to-date profit after tax of $7.4million tala

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Samoa Port Authority in its third quarter report for the financial year 2022 achieved a net profit after tax of $2.5million during the quarter, leading to a year-to-date profit after tax of $7.4million tala. 

This was confirmed in the Authority’s quarterly report submitted to the Ministry of Public Enterprises, which oversees the operations of Government agencies. 

According to the report, the number of vessels that have entered the Apia Port has decreased from 80 in the last quarter to 74 in the quarter under review following the national lockdown and continuation of State of Emergency restrictions that limited the operations of the Authority. 

Cargo and containers handled also decreased by 35 per cent. 

In the previous financial year, the SPA recorded a profit of $7.66 million in the last financial year, according to the Authority’s annual report.

In the past three fiscal years, SPA has had an upward trend in financials, this is despite the impact of the measles outbreak and the Covid 19 pandemic. The Authority’s financial performance produced the second-highest Net Profit since its establishment twenty years ago.

The Authority recorded a Net Profit of $7.66 million a decrease compared to the previous financial year 2018-2019 when the profit was $8.6 million.