KPA has remitted KSh 18.7 billion in special dividends to the National Treasury. Such comes a few months after Treasury lamented about the poor contribution of parastatals towards its cash needs.
A statement from the parastatal reveals that the authority was Treasury’s highest contributor among government corporations.
KPA also paid KSh 6 billion in corporate tax.
KPA paid the KSh 18.7 billion in savings and accrued interest, giving KSh 18 billion and KSh 700 million, respectively.
According to a statement from KPA Managing Director, the authority managed to pay its main shareholder. At the same time, it maintained its “high contribution” status owing to its upward trends in profit.
“KPA was not only able to pay its main shareholder a return on investment, but it was also the highest contributor among parastatals.” Director Daniel Manduku said.
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The director attributed the agency’s surplus to prudent financial management and savings.
“The surplus cash can be attributed to prudent financial management and savings. We will support the state in meeting its obligation to the people and ensure world-class port services.” Continued Manduku.
KPA Records Stellar Growth
Statistics show that the port’s throughput grew by 9% compared to its performance in the same period in 2018. Moreover, the ports authority recorded profits of KSh 17.5 billion between January and September, growing from KSh 10.6 billion last year.
The profit comes from growing numbers in both cargo and transhipment in the port of Mombasa.
Transhipment increased from 791,257 tonnes in Jan-Sep 2018 to 1,837,772 tonnes in the first nine months of 2019, a solid 137%.
In September, the port anticipated that it would surpass its annual target.
“Normally in the maritime sector, the one Million TEUs is a very high threshold, and I am happy to note that almost four months before the close of the year, we have attained it. Going by our daily handling of between 3500 TEUs and 4000 TEUs, simple arithmetic tells us that we might even surpass 1.4 million TEUs,” said Dr. Manduku earlier.