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
Kenya shines at Zone Individual Chess Championship in Ethiopia
Police-linked brutality victims in court, claim opaque compensation process
Safe but scared...: Tales of Mathare floods survivors
Inside huge cash withdrawals from affordable housing kitty
Prof Mutua should face MPs for grilling on victims payouts
Government should address issues raised by young people without resorting to intimidation
Subaru driver in a dramatic high-speed chase after alleged hit-and-run in Nairobi
Bottled water exempted from excise duty
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.
Common currency by 2031? EAC revives single currency push as central banks turn to gold
East African central bank governors have renewed efforts to launch a single regional currency by 2031 while strengthening economic resilience through reserve diversification.Ruto's fresh headache: Houthi Red Sea blockade sends fuel import costs soaring
Rising Middle East tensions and Houthi threats to Red Sea shipping routes have pushed up global oil prices, creating fresh pressure on President William Ruto’s government.Why Kenya's digital infrastructure is failing to deliver stronger economic growth
A new report says Kenya must complement investment in digital infrastructure with stronger digital platforms, skills and institutions.KMA explains delay in salvaging grounded ship off Nyali beach
The Kenya Maritime Authority has explained why it has taken so long for a ship that ran aground off Nyali beach in Mombasa to be salvaged amid fears it might cause oil pollution or be vandalised.Scrap metal dealers decry police harassment, ask for intervention
Scrap metal dealers in Kenya have accused police of harassment, arbitrary arrests and unlawful seizures, calling for government intervention to protect legitimate businesses.MOST READ
Common currency by 2031? EAC revives single currency push as central banks turn to gold
FINANCIAL STANDARD
By Brian Ngugi
- Ruto's fresh headache: Houthi Red Sea blockade sends fuel import costs soaring
FINANCIAL STANDARD
By Brian Ngugi
- Why Kenya's digital infrastructure is failing to deliver stronger economic growth
FINANCIAL STANDARD
- KMA explains delay in salvaging grounded ship off Nyali beach
SHIPPING & LOGISTICS
By Patrick Beja