The Samoa Port Authority recorded profit of $2.3 million, end of first quarter


The Samoa Port Authority’s finances continue to soar. The first quarter of Financial Year 2021-2022 ended with $2.3 million in profits.

This follows increased revenue and control spending during the quarter. The profits are outlined in the Ministry of Public Enterprises Quarterly report for July-September last year.

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.

The report says the Authority’s Cash position continues to remain steadily healthy despite honoring its statutory obligation by paying Dividends to Government and the last dividend paid under the financial year reviewed $2 million tala.