The Kenya Ports Authority (KPA) has announced record-breaking revenues for the fiscal year 2022/2023, reaching Ksh60.98 billion, in line with the projected growth of Ksh65 billion by 2028.
This surge marks a significant milestone for the authority, reflecting a robust performance in the face of challenging global economic conditions.
In its financial report released on Monday, March 25, KPA disclosed total revenues of Ksh60.98 billion, compared to Ksh51.36 billion in the preceding year, indicating a remarkable increase of Ksh9.62 billion.
The authority also reported its highest profit before tax, amounting to Ksh16.65 billion, a substantial rise from Ksh11.3 billion recorded in 2022.
In December 2023, KPA released its revised strategic plan, projecting its revenues to hit Ksh65 billion in the next four years.
According to a revised strategic plan, KPA’s pre-tax profits would rise from Ksh11.3 billion in 2020/2021 to Ksh16.5 billion in 2026 and ultimately reach Ksh20 billion by 2028.
"The total throughput will grow from 33.62 million tonnes in 2020/2021 to 37.7 million tonnes in 2028," stated a report launched by Transport Cabinet Secretary Kipchumba Murkomen.
The Port of Mombasa, Kenya's largest port managed by KPA, emerged as a key driver behind this growth, witnessing a surge in cargo shipments throughout 2023.
Handling a total of 35.98 million metric tons, the port experienced a notable 6.2 per cent increase compared to the previous year, underscoring a significant uptick in port activities.
The surge in cargo throughput was primarily fuelled by a substantial increase in containerized cargo handling, which saw a remarkable 14.8 per cent rise equivalent to 2.33 million metric tonnes.
Containerized cargo accounted for 50.4 per cent of all cargo handled at the Port of Mombasa, highlighting its pivotal role in the port's operations.
According to the report, the positive performance extended across all major sectors at the Port of Mombasa.
Total cargo throughput registered an annual growth rate of 6.2 per cent, while container traffic recorded a significant uptick of 11.9 per cent, reaching 1.62 million TEUs in 2023.
Additionally, transit traffic witnessed a growth of 11.5 per cent, reaching 11.41 million tons in 2023, with notable contributions from South Sudan and the Democratic Republic of Congo, which witnessed increases of 50.0 per cent and 56.1 per cent, respectively.
KPA reported enhanced efficiency in port operations that saw the average container ship turnaround time improved from 2.9 days to 2.3 days, while the average gross moves per ship per hour increased from 32.5 moves to 38.8 moves, attributed to recent investments in equipment and infrastructure development.
With assets totalling Ksh346 billion, KPA is the fourth largest state corporation in net assets after the National Social Security Fund, the University of Nairobi, and KenGen.
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