Shipping revenues soar to $29.2million, $4.5m net profit

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Founded 30 December 1974, the Samoa Shipping Corporation started from a single barge, the MV Limulimutau (pictured above) bought from the Philippines which served travel and vehicular services between Upolu and Savaii.

Founded 30 December 1974, the Samoa Shipping Corporation started from a single barge, the MV Limulimutau (pictured above) bought from the Philippines which served travel and vehicular services between Upolu and Savaii.

The Samoa Shipping Corporation is celebrating some fantastic results for the financial year 2015-2016.

According to a statement issued by the Government’s Press Secretary, the Corporation, headed by General Manager, Papali'i Willie Nansen, had increased its net profit by more than 200% compared to the previous financial year.

The figures are contained in the S.S.C’s 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 S.S.C’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 S.S.C’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 report 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 S.S.C. 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.

© Samoa Observer 2016

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