The Samoa Port Authority dividend of $3.18 million tala cheque was presented this week by Minister of Works Transport and Infrastructure Olo Fiti Vaai to the Minister ofPublic Enterprises Leatinu'u Wayne So’oialo.
The Dividend declared and approved by the SPA Board represents 35% of the Audited Net Profits for the financial year concluded on 30th June 2021.
This is the sixth consecutive year SPA has recorded a profit. This is under the leadership of Chief Executive Officer Sooalo Kuresa Sooalo.
In the past 5 years have seen SPA turn in optimal financial performance since it’s inception in 1999.
The Financial Year under review has seen SPA maintained that same trajectory in a remarkable one financially in light of contraction in Port activities due to the pro-longed SOE restrictions; SPA recorded a Net Profit of $9,093,567 despite booking a loss on impairment of fixed assets valued at $2.29 million due to the perceived reduction in the values of the underutilized wharves of Satitoa and Asau as recommended by external auditors of which was discussed and agreed to by SPA.
Since establishment 22 years ago the SPA total dividend paid to Government is $16.21million Tala in dividends in the last five years.
The SPA is proud of it’s sound financial performance and honouring it’s statutory responsibilities such as paying prescribed dividends to assist our Government, irrespective of the impacts of Covid19 during the financial year, SPA still managed to record the highest profit ever.