Sri Lanka Ports Authority profits rise 75-pct amid Red Sea troubles
EconomyNext: Profits at Sri Lanka Ports Authority rose 75 percent to 34.93 billion rupees in 2024, as container transshipment volumes rose amid Red Sea troubles, a Finance Ministry report showed, as domestic imports also recovered.
Total revenues rose to 98.2 billion rupees in 2024 from 84.2 billion rupees in 2023, with stevedoring revenues rising to 33.9 billion rupees from 27.4 billion rupees.
“Despite a 33.5 percent drop in total ship arrivals in 2024 with only 3,426 ships compared to 5,155 in 2023, container throughput at major terminals witnessed significant growth,” the report said.
“This upturn is largely attributed to shifts in global shipping patterns due to the Red Sea crisis.”
SLPA’s own terminals had carried 2.4 million containers in 2024, up 22.8 percent from 2 million in 2023.
Container handling at Colombo Port rose 13 percent to 7.8 million TEUs in 2024. The SLPA gets fees and royalties from private terminals in Colombo.
Other income rose to 23.3 billion rupees in 2024, from 20.3 billion rupees.
Operational expenditure rose to 54.5 billion rupees from 47.2 billion rupees.
SLPA paid 607 million rupees as a levy to the Treasury, down from 8.6 billion rupees in 2023.
Income tax provision was 7.0 billion rupees, up from 5.5 billion rupees a year earlier.
OSL take:
Sri Lanka’s strategic positioning in the Indian Ocean in close proximity to international maritime industry and the strong trade ties enjoyed with many foreign countries have placed the country’s maritime industry as one of the fast growing industries in the country. The growth in Sri Lanka’s maritime industry as well as related sectors like the ports, shipping and logistics would witness a further growth as the country embarks on a path to become a hub in the South Asian region. The growth and profits recorded by SLPA as well as other businesses engaged in Sri Lanka’s maritime industry and related sectors like ports, shipping and logistics and the interest shown by foreign businesses/investors to enter and do business with the country’s maritime industry, all indicate the increasing business potential in Sri Lanka’s maritime industry and related sectors. Foreign businesses/investors could therefore explore the growing business/investment opportunities in Sri Lanka’s maritime industry and related sectors. They could also look at forming partnerships or joint ventures with local businesses in the maritime industry to expand operations.
| Article Code : | VBS/AT/20250626/Z_4 |