SPA Registers Record Profits, Hands Over $3.7 Million Tala Dividend as a State Owned Enterprise

The Samoa Ports Authority (SPA) has recorded a record $10.6 million tala profit, and handed over a dividend of more than $3.7 million tala to the people and Government of Samoa as a 35% share of the profits for the Financial Year ended 30th June 2022.

The State-Owned-Entity (SOE) in continuing to honour it’s statutory obligation as a public trading body, presented a dividend cheque of $3,737,974 tala to the Government through the Hon. Prime Minister; Afioga Fiame Naomi Mataafa.

The dividend was presented by the Hon Minister of Works, Transport & Infrastructure; Afioga Olo Fiti Afoa Vaa’i on behalf of the Associate Ministers, the SPA Board, Management and Staff.

Hon Minister for Works Transport and Infrastructure, Olo Fiti Vaai and SPA Chairman Tuiloma Neroni Slade.

The dividend represents 35% of the Authority’s audited net profits of $10,679,925 for the financial year ended 30 June 2022. The dividend target set for Government-owned trading bodies each year is 7%. SPA has been able to exceed this by 28%.

This is the sixth consecutive year SPA has returned dividends to the Government as a State Owned Entity.

Since 2016/2017, SPA’S profits has generated over $20 million tala in dividends. The revenue of the Samoa Ports Authority being generated by port costs to shipping companies, visiting vessels and importers.

Samoa Ports Authority management and staff.

SPA General Manager; So’oalo Kuresa So’oalo said, “we are pleased that we are able to pay the prescribed dividends and share the Authority’s financial success with the Government to assist with it’s many developments for Samoa”.

“It is another excellent financial year for the Authority with a new record profit and it is the first time the Authority has surpassed the $10 million tala mark in net profits despite the challenges during the year due to Covid-19”.

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Sooalo thanked the hard work of the SPA Management and Staff.

When international borders closed due to covid, Samoa’s sea ports had remained opened with the support of first responders, to ensure Samoa continued to receive supplies of food and fuel products.

SPA acknowledged the support of the Government, it’s business partners, port users and all its stakeholders.

In accepting the dividend cheque, the Hon Prime Minister; Fiame Naomi Mataafa thanked the Hon Minister Olo Fiti Afoa Vaai, the Board, Management and Staff for their hard work.