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SBMA posts record profit

(The Philippine Star) | Updated February 5, 2014 - 12:00am

MANILA, Philippines - The Subic Bay Metropolitan Authority (SBMA) has shattered its 2012 net profit record of P824 million when based on preliminary reports, it posted last year a net profit of P1.2 billion, the agency’s highest in its entire 21-year history.  SBMA 2013 gross revenues of P2.09 billion and EBITDA of P992 million likewise posted the highest levels in the agency’s history.

Comparatively, the gross revenue of P2.1 billion that the agency generated in 2013 was 26.6 percent higher than the gross revenue of P1.6 billion in 2012.  The growth in revenue came mainly from Seaport operations of P588 million an increase of 46 percent over 2013 and Regulatory operations of PP404 million which increased by a hefty 82 percent over the previous year.

While net income was buoyed by favorable exchange rates, chairman Roberto Garcia noted that SBMA’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased significantly by 52.2 percent from P652 million in 2012 to P992 million in 2013. This is the true test of the agency’s effective strategic initiatives and the efficiency in the execution of such initiatives.

“This has made 2013 another banner year in succession for SBMA, and we are pleased to report that our financial performance continues to improve substantially while investments also significantly exceeded the 2012 level,” Garcia said.  Approved investments in 2012 of P3 billion spurted to P24.7 billion in 2013 or an increase of 723 percent.  This will provide over 10,000 jobs over the next few years as these projects get implemented.

Through the continuing austerity program and effective cost control measures, the Agency was also able to minimize the rise in operating expenses to 10 percent, thereby increasing its net income substantially.

To cap off 2013, SBMA was able to secure final approval of its USD27 million loan refinancing package.  Garcia said that this will strengthen SBMA’s balance sheet and will allow the Agency to invest in much needed capital expenditures to improve security and vital Freeport infrastructure.  To this end, SBMA has programmed P617 million in capital spending for 2014.
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Garcia is set to deliver the his State of the Freeport Address (SOFA) before the Freeport community and the Subic Bay Freeport Chamber of Commerce Inc. (SBFCCI) on Feb. 27 at the Subic Bay Exhibition and Convention Center (SBECC).

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