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Net income grew 9% in the first half of 2022, surpassing PPA’s target by 24%
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Revenues rose 14.28% as almost all revenue streams recorded increases
Philippine Ports Authority (PPA) has posted P5.02 billion net income for the first half of 2022, up 9% from the P4.61 billion registered in the same period last year.
The January-June 2022 net income was 24% higher than the P4.06 billion target for the period, PPA said in a statement. The income now is only 13% below the pre-pandemic level, the agency added.
Gross revenues for the period climbed 14.28% to P9.44 billion from the P8.258 billion recorded in 2021.
Expenses, meanwhile, rose 14% to P4.41 billion from P3.65 billion in 2021.
Almost all of revenue streams increased their contributions to the PPA first half income, the highest increase of 552% coming from concession fees and other income, followed by storage fees that surged 55%, and domestic dockage that went up 28%.
Revenues from laid-up operations and interest incomes, on the other hand, suffered the biggest setbacks during the period, plunging 93% and 87%, respectively.
PPA noted that it had been averaging a 9% increase in revenues at least in the last 18 months, calling it a steady pace of returning to pre-pandemic levels.
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