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Subic Bay Metropolitan Authority recorded a record income of P387 million in January
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The figure is the highest monthly revenue ever posted by the agency in its almost 30 year-history
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Resurgent seaport trade boosted revenues
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SBMA’s seaport operations alone contributed P221.4 million to the January total
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Operating revenue grew 31% year-on-year in January
Subic Bay Metropolitan Authority (SBMA) recorded an income of P387 million in January, the highest monthly revenue ever recorded by the agency in its almost 30-year history, boosted by a resurgent seaport trade.
The next highest monthly revenue recorded by SBMA was P358 million in pre-pandemic June 2019.
Operating revenue for January also grew 31% year-on-year.
SBMA Chairman and Administrator Wilma Eisma in a statement said the record-breaking income on the first month of the year came with other positive indicators: a 41% growth in earnings before interest, taxes, depreciation and amortization; and a 20% increase in net income before tax with subsidy, which at P222 million was higher by P38 million.
SBMA’s seaport operations alone contributed P221.4 million to the January total, of which P91.62 million came from cargo charges; P75.32 million in SBMA share from terminal income; P34.17 million from leases and rentals; and P12.28 million from vessel charges.
“We are hoping that this January record will be a foretaste of what’s to come in the succeeding months, as we ease down into normalcy with the waning COVID-19 pandemic,” said Eisma.
She added, SBMA “set its sights higher this year, especially with seaborne trade, after realizing an actual increase in container cargo traffic even at the height of the pandemic in 2021.”
According to a profit and loss statement from the SBMA Financial Planning and Budget Department, other than the P221 million from seaport operations, the agency’s January 2022 revenue of P387 million was enhanced by P111 million in land and building leases; P28 million in regulatory income; P8 million in housing leases; P6 million in airport operations; P.67 million in tourism collections; and P12 million in miscellaneous income.
Land leases brought in revenues of P64.73 million and building leases, P45.98 million. The total for both of P111 million is 1.8% down from January 2020’s P113 million, SBMA budget officer Edith Marzal. The slight decline was offset by a 65% jump in seaport income, 35% rise in housing leases, and 20% growth in miscellaneous income, she added.
SBMA airport operations income increased 6% in January from the same month last year while regulatory fees grew by 8% and tourism income by 48%.
The agency also reported an aggregate 11% increase in its expense accounts with P67 million in manpower payroll services; P12 million in debt servicing; P10 million in occupancy costs; P1 million in repair and maintenance; P.07 million in advertising and promotion; and P14 million in various services.
