-
The Philippine Ports Authority posted a P2.601-billion net income in the first quarter of 2021, almost 3% higher than the previous year’s take
-
Revenue rose 5.31% as both services and business income and regulatory income grew 5.6% and 5.8%, respectively
-
PPA has remitted P17 billion in dividends to the national government from 2016 to 2020
The Philippine Ports Authority (PPA) reported a net income of P2.601 billion in the first quarter of 2021, almost 3% higher than the P2.539 billion recorded in the same period last year.
The first quarter net income is also 35% higher than the P1.922 billion target for the period.
Revenue reached P3.953 billion, 5.31% higher than the P3.754 billion in 2020 but 2.48% lower than the P4.054 billion target for the period.
Its services and business income—which includes port dues, dockage, lay-up, wharfage, storage, roll-on/roll-off fees, pilotage, and others—amounted to P1.965 billion, up 5.6% from P1.861 billion in the first quarter of 2020.
Regulatory income, which includes concession fees from terminal operators and other income, was 5.8% higher at P1.978 billion from P1.869 billion.
Expenses, however, were 11.26% higher at P1.352 billion from P1.215 billion last year.
“If the first quarter of 2021 is any indication, the PPA is in for another good year, in spite of the pandemic, after posting a 3% hike in net income in the first 3 months of 2021 suggesting that economic activities are now rebounding from the effects of the pandemic,” PPA general manager Jay Daniel Santiago said in a statement.
The agency’s net income in 2020 amounted to P6.138 billion, which is 16% below its 2019 net income, primarily due to the pandemic’s effect on trade, but is above the 2020 target of P5.557 billion.
Relatedly, PPA has remitted a total of P17 billion in dividends to the national government from 2016 to 2020.
As a government-owned and controlled corporation, PPA is mandated to remit 50% of its annual net income to the national coffers after it was granted fiscal autonomy during the term of President Corazon C. Aquino.
READ: PPA bumps up 2020 government remittance to 56% of income
For 2020 though, it remitted 56% or P3.541 billion of its 2020 net income to the national government, following a Board approval to increase its remittance for 2020 to assist in the government’s fight against the COVID-19 pandemic.
