SBMA posts record high profit of P1.2B

SUBIC BAY FREEPORT, Philippines—Subic Bay Metropolitan Authority (SBMA) posted a net profit in 2013 of P1.2 billion, the highest in its 21-year history and topping its P824-million net profit in the previous year.

SBMA Chair Roberto Garcia said that last year’s gross revenue of P2.09 billion and earnings before interest, taxes, depreciation and amortization (Ebitda) of P992 million were the highest in the agency’s history.

“This has made 2013 another banner year in succession for SBMA, and we are pleased to report that our financial performance continues to improve substantially while investments also significantly exceeded the 2012 level,” Garcia said in a statement.

He said that last year’s gross revenue was 26.6 percent higher than the P1.6 billion posted in 2012.

The growth came mainly from seaport operations, which earned P588 million, representing an increase of 46 percent over the 2012 level, and regulatory operations, which earned P404 million, or an 82-percent increase from previous year’s earnings.

“While net income was buoyed by favorable exchange rates, SBMA’s Ebitda increased by 52.2 percent from P652 million in 2012 to P992 million in 2013. This is the true test of the agency’s effective strategic initiatives and the efficiency in the execution of such initiatives,” Garcia said.

He said the approved investments of P3 billion in 2012 increased to P24.7 billion in 2013. This, he said, would create 10,000 jobs over the next few years.

Garcia said SBMA’s $27-million loan refinancing package had been approved, strengthening the agency’s balance sheet. “[This will] allow the agency to invest in much-needed capital expenditures to improve security and vital free port infrastructure,” he said.

Garcia said the SBMA had programmed P617 million in capital spending for 2014.