Samoa Ports Authority returns $3.182 million talā dividend

APIA, SAMOA – 21 DECEMBER 2021: The Samoa Ports Authority today presented a dividend cheque of $3,182,748 for the financial year ending 30 June 2021.

The cheque was presented on behalf of the Chairman and the Board of Directors, the Management and Staff by the Minister of Works, Transport and Infrastructure – Olo Fiti Afoa Vaai to the Minister of Public Enterprises – Leatinu’u Wayne Sooialo.

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 which has allowed SPA to pay its shareholder; the Government of Samoa 35% as stipulated under the Public Bodies Act.

“The last 5 years have seen SPA turn in optimal financial performance since its inception in 1999,” said a statement from the authority.

“This Financial Year has seen SPA maintain 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 $2,292,067 due to the perceived reduction in the value of the underutilized wharves at Satitoa and Asau as recommended by external auditors of which was discussed and agreed to by SPA,” said the statement.

The two Cabinet Ministers, CEO of the Ministry of Public Enterprises and members of the Samoa Ports Authority Board.