This archive report was first published on 18 November 2019.
Kenya Ports Authority (KPA) has made a significant contribution to the National Treasury by remitting KSh 18.7 billion in special dividends. This comes just a few months after the Treasury lamented about the poor contribution of parastatals towards its cash needs.
According to a statement from KPA, the authority was the Treasury's highest contributor among government corporations, a testament to its prudent financial management and savings.
Notably, KPA also paid KSh 6 billion in corporate tax, further demonstrating its commitment to contributing to the country's revenue.
Breaking down the KSh 18.7 billion remitted, KPA paid KSh 18 billion in savings and KSh 700 million in accrued interest.
Speaking on the matter, KPA Managing Director Daniel Manduku attributed the agency's surplus to prudent financial management and savings. He noted that the surplus cash would be used to support the state in meeting its obligations to the people and ensure world-class port services.
KPA Records Stellar Growth ¶
Statistics show that the port's throughput grew by 9% compared to its performance in the same period in 2018. Moreover, the ports authority recorded profits of KSh 17.5 billion between January and September, growing from KSh 10.6 billion last year.
The profit comes from growing numbers in both cargo and transhipment in the port of Mombasa. Transhipment increased from 791,257 tonnes in Jan-Sep 2018 to 1,837,772 tonnes in the first nine months of 2019, a solid 137%.
