KPA projects Sh15 billion profit this financial yearJune 14, 2019
MOMBASA, Kenya, Jun 14 – The Kenya Ports Authority projects a Sh15.4 billion profit after tax this financial year, the Managing Director Daniel Manduku said on Friday.
By May 31 this year, according to Manduku, KPA had collected Sh48.9 billion in revenue.
“By May 31, one month to the close of the financial year on June 30, we had already collected Sh48,879,838,000 revenue,” said Manduku.
The KPA’s expenditure by the end of May was Sh34,815,920,000 and finance income was at Sh1,898,705,000, said Manduku in a statement.
“By the end of this financial year on June 30, we project to collect Sh55.3 billion. The total expenditure will be 37.9 billion and profit before tax will be 17.43 billion. We, however, predict accruals of about Sh2 billion to bring the profit down to about Sh15.4 billion,” he said.
According to Manduku, who was officially appointed managing director in November last year after serving five months in acting capacity from June of the same year, the Sh15.4 billion will be the highest ever profit to be made by KPA.
In last year’s financial year, KPA made a Sh9 billion profit, said Manduku.
He attributes this success to the physical improvement of the facilities within the port of Mombasa and ongoing recruitment of human capital.
Manduku also said they have recorded the highest number of Standard Gauge Railway (SGR) freight trains transporting cargo from Mombasa to the Nairobi Inland Container Depot this year.