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The Subic Bay Metropolitan Authority posted record-breaking operating revenues of ₱4.116 billion in 2023, up 1.5% from 2022
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This is the second consecutive year that revenues surpassed the ₱4-billion mark
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The financial performance includes SBMA’s first breach of the ₱400-million monthly revenue mark, racking up ₱415 million in April 2023
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A 23% year-on-year increase in EBITDA for 2023 was also recorded
The Subic Bay Metropolitan Authority (SBMA) posted an all-time high operating revenue of ₱4.116 billion in 2023, up 1.5% from 2022.
This marks the second consecutive year that the agency has exceeded the ₱4-billion mark.
Eduardo Aliño, the newly installed SBMA chairman and administrator, said the agency also recorded its highest monthly operating revenue in April 2023, reaching ₱415 million, surpassing the previous record of ₱395 million in January 2022.
Aliño said this is the first time SBMA breached the ₱400-million monthly revenue mark.
The financial success extends to a 23% year-on-year increase in 2023 earnings before interest, taxes, depreciation, and amortization.
“As of December 31, 2023, the net income before tax with subsidy is ₱2.72 billion, which is lower by 5 percent or ₱111 million compared to the same period last year. But the net income without subsidy and gain on forex revaluation is ₱1.933 billion, 38 percent or ₱532 million higher compared to the same period last year,” Senior Deputy Administrator for Support Services Atty. Ramon Agregado said.
The SBMA Finance Group reported notable increases in revenues from land and billing leases and seaport operations, recording ₱1.590 billion and ₱1.595 billion, respectively. The hospitality and entertainment sector saw the most significant revenue increase, with a record ₱40 million, a 122% surge from 2022.
Despite these successes, the regulatory income of SBMA experienced a 25% dip to ₱437 million from ₱585 million in 2022. Miscellaneous revenues, however, saw an 8% increase, reaching ₱213 million in 2023.
The financial report also highlighted positive trends in housing leases, rising from ₱71 million in 2022 to ₱77 million in 2023, and airport operations, which recorded an increase from ₱106 million in 2022 to ₱165 million in the past year.
SBMA said its robust financial performance underscores its resilience and adaptability in the face of economic challenges,
including the impact of the bankruptcy of Hanjin Heavy Industries and Construction-Philippines in 2019, Subic’s largest locator.
