Philippine Ports Authority records 23.18% increase in net income in H1 2023
The Philippine Ports Authority (PPA) showed a net income of Php 6.19B during the first half of 2023, higher by 7.85% against target, and a 23.18% or 1.16B increase compared to Php 5.02B net income for the same period in 2022, according to the company's release.
Comparative revenue figures show that all revenue groupings showed improvement in terms of Service and Business Income at 13.94% or Php 630.21M increase and Regulatory Income at 8.04% or a Php 393.58M increase. Overall, PPA's total revenue as of end of June, 2023 grew by 10.83% or 1.02B increase amounting to Php 10.46B compared to Php 9.44B total revenue generated during the same period last year.
The total expenses of PPA also recorded a 3.23% decrease or Php 142.52M compared to the total expenditures incurred during the same period last year. Cash expenses also recorded a decrease of 24.63% or Php 657.26M due to lower recorded expenditures of admin costs and financial expenses this year.
PPA budget utilization improved to 83% in 2022, a huge leap from its 71% budget utilization in 2021 and 62% in 2020, a more or less 12% increase in budget utilization every year since its utilization of 52% in 2015, showing marked improvements in project implementation over the past 6 years.
