Booming business lifts KPA's May earnings to Sh62b
Business
By
Patrick Beja
| Jun 17, 2024
The port of Mombasa has registered increased business, boosting its financial performance, the Kenya Ports Authority (KPA) has said.
KPA management noted that the port recorded a revenue of Sh61.8 billion in May 2024, against a full-year budget of Sh54.7 billion.
KPA Managing Director William Ruto noted that the overall enhancements at the authority have increased business and improved general performance contributing to the growth of the economy.
"By the end of March 2024, our revenue had surpassed the full-year budget. This upward trend has seen us record revenue of Sh61.8 billion in May against a full-year budget of Sh54.7 billion, representing a 13 per cent positive variance," he said.
READ MORE
Ruto dreams of a 'new Singapore', but not when counties hold us back
Expanding access to justice through reforms
Parliament moves to end decades-long registration nightmare
Private universities under Sh 48.8 billion pending bills
Government websites hit in major cyberattack
Somali banks on Port of Mogadishu to push 24hr-economy plan
Inside Sharjah's 'Poetry Pharmacy', where healing comes in verses, not pills
South Africa announces plan to bid for Olympic Games
Trump signs bill to end record-breaking US shutdown
Wangai, Wafula lead Kenyan charge at Sunshine Development Tour
He was speaking during a media engagement at the weekend, accompanied by KPA board chairman Benjamin Tayari and other officials.
On expenditure, Capt Ruto said KPA registered savings of four per cent as of May 30, 2024, with its absolute expenditure figure being Sh43.5 billion against a budget of Sh45.2 billion. "This financial performance mirrors improved efficiency and throughput at the port of Mombasa," he explained.
Tayari said KPA has continued to invest in port capacity expansion programmes and modern equipment acquisition. He said total container capacity at Mombasa port stands at 2.1 million twenty-foot equivalent units (TEUs) per year.
Last year, the port handled 35.98 million tonnes compared to 33.88 million tonnes handled in 2022.