Home » Maritime, Ports/Terminals, Press Releases » Subic Bay Freeport reports robust revenue growth for Jan-Apr

The Subic Bay Metropolitan Authority (SBMA) continues to generate positive revenue figures this year, the bulk of which was contributed by port operations.

The agency registered P615.28 million in earnings before interest, taxes, depreciation and amortization (EBITDA) in just the first four months of this year, SBMA said in a statement.

The various business units contributed a total of more than P1 billion in operating revenues in the period reviewed for a 9.5% increase fromP919.6 million posted last year, SBMA administrator Wilma T. Eisma said.

Minus the operating expenses of P313.5 million and bad debts account of P78.2 million, Eisma said SBMA managed a P56.9 million increase in the first four months over the 2016 EBITDA of P558.3 million for a 10.2% growthin earnings.

“We’re very much optimistic that while 2016 was considered a banner year in SBMA finances, we just might be able to top that at the rate we’re going this year,” Eisma said.

“The SBMA is actually riding an upward trend that began in the past few years, and I believe we can sustain that, and that further growth will continue,” she added.

Agency earnings increased further this year compared to 2016 records, according to a comparative report from the SBMA Finance Group. Net income surged by 148% from P18.5 million in the first quarter of 2016 to P46.76 million in the first quarter of 2017.

The biggest revenue contributor as of end-April this year is the Port Authority Group, which delivered P476.4 million in the first four months. The Business and Investment Group followed with P426 million; Public Services Group, P67.5 million; Regulatory Group, P18.38 million; Chairman and Administrator’s Group, P9.25 million; and Support Services Group, P7.19 million.

The Business and Investment Group posted the biggest increase as of end-April this year compared to the same period last year with close to P55 million in variance. The Port Authority Group followed with an increase of P17.85 million.

Meanwhile, the SBMA Tourism Department reported a 28% increase in revenue from visitor and tourist arrivals, as well as from hotel occupancy, between January and April this year.

A total of 894,603 visitors and 161,046 tourists arrived in Subic in the first four months, representing increases of 70,648 and 30,284, respectively, from 2016 arrivals, a report from the department showed.

Arrivals for the period covered included some 289,600 visitors who came to the Freeport for the Holy Week break. According to the report, the increase in the number of visitors and tourists this year generated actual revenues of P2.74 million, which is 28% higher than the P2.1 million revenue recorded last year.

Generating much tourism traffic in the first four months of this year are the arrival of the luxury cruise ship MS Bremen and the three-day Summer Siren beach music festival in May.

Image courtesy of [name of the image creator] at FreeDigitalPhotos.net

Image courtesy of renjith krishnan at FreeDigitalPhotos.net

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