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SBMA posts new profit record of P1.2-billion

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SUBIC BAY FREEPORT – The Subic Bay Metropolitan Authority (SBMA) has shattered its 2012 net profit record of P824 million, after it posted last year a record breaking net profit of P1.2 billion, the agency’s highest in its entire 21-year history, SBMA chairman Roberto Garcia, reported yesterday.

Two-third of SBMA area belongs to the territorial jurisdiction of Bataan.

Chairman Garcia also said   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, Garcia pointed out, came mainly from Seaport operations of P588 million an increase of 46% over 2013 and Regulatory operations of PhP404 million which increased by a hefty 82% over the previous year.

“While net income was buoyed by favorable exchange rates,” Chairman  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%.  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%, 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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