Samoa Shipping Corporation continue to profit
Two of Samoa Shipping Corporation’s vessels berthed at the Matautu-tai wharf
Source: PRESS SECRETARIAT
APIA, SAMOA – WEDNESDAY 28 FEBRUARY 2018: By the end of fiscal year 2016, the Samoa Shipping Corporation (SSC) had increased its net profit by more than 200% compared to the previous financial year.
The figures are contained in the SSC annual report approved by parliament in January upholding the recommendations forwarded by the House Infrastructure Sector Committee which reviewed the Corporations annual performance for the year in question.
Compared to the previous fiscal year (2014-2015) the SSC’s financial year under review (2015-2016) noted the following;
- Increase in revenue from $23.9 million to $29.2 million
- Increase in net profit from $1.9 million to $4.5 million
- Increase in shareholder fund from 20.9 million to $37.8 million
- Decrease interest bearing liabilities from $7.6 million to $6.6 million
- Expenditure increase from $21.2 million to $22.2 million
- Dividend increase from $0.925 million to $2.3 million
- Increase to total assets from $88.5 million to $100.9 million
- Increase in return on Equity Form from 9.1% to 12.0%
Domestic services dominated the SSC’s revenue acquisition for the fiscal year in question and contributed 55%towards her total revenue of $29.2 million.
“Charter services also posted another solid performance with a significant increase in charter revenue by $7.9 million, which translates to an increase of 125.8% compared to the 2015 financial year and 45.5% better than the annual budget,” the reported noted.
And for the same year, 48 graduates from the Maritime Academy are now employed on the Corporations Vessels reaffirming SSC’s commitment and made to securing job opportunities for graduates as seafarers. And there will be no increase in fares in the immediate future with the House Infrastructure Sector Committee denying a request from SSC to increase fares to offset increase costs of imported fuel and maintenance the vessels coupled by dire improvements for the two domestic wharves at Mulifanua and Salelologa.
Founded 30 December 1974, the company started from a single barge, the MV Limulimutau bought from the Philippines that served travel and vehicular services between Upolu and Savaii, to 15 vessels with VIP and air-condition seating for the same route as well as Apia and American Samoa.