The Kenya Ports Authority (KPA) has disclosed record-breaking revenues of KES 60.98 billion for the fiscal year 2022/2023, aligning with the projected growth trajectory aiming at KES 65 billion by 2028.
This achievement represents a significant milestone for the authority, showcasing robust performance amidst challenging global economic conditions.
According to the financial report released on Monday, March 25, KPA revealed total revenues of Ksh60.98 billion, marking a notable increase of KES 9.62 billion from the previous year’s figure of KES 51.36 billion. The authority also reported its highest profit before tax, amounting to Ksh16.65 billion, a substantial rise from KES 11.3 billion recorded in 2022.
In December 2023, KPA unveiled its revised strategic plan, projecting revenue growth to reach Ksh65 billion within the next four years. The plan also outlines an increase in pre-tax profits from KES11.3 billion in 2020/2021 to KES 16.5 billion in 2026, ultimately aiming for KES 20 billion by 2028.
“The total throughput will grow from 33.62 million tonnes in 2020/2021 to 37.7 million tonnes in 2028,” noted a report launched by Transport Cabinet Secretary Kipchumba Murkomen.
The Port of Mombasa, managed by KPA and Kenya’s largest port, emerged as a significant driver behind this growth, witnessing a surge in cargo shipments throughout 2023. Handling a total of 35.98 million metric tons, the port experienced a notable 6.2 per cent increase compared to the previous year, highlighting a significant uptick in port activities.
The increase in cargo throughput was primarily fueled by a substantial rise in containerized cargo handling, which saw a remarkable 14.8 per cent increase equivalent to 2.33 million metric tonnes. Containerized cargo accounted for 50.4 per cent of all cargo handled at the Port of Mombasa, underlining its pivotal role in port operations.
Positive performance extended across all major sectors at the Port of Mombasa, with total cargo throughput registering an annual growth rate of 6.2 per cent and container traffic recording a significant uptick of 11.9 per cent, reaching 1.62 million TEUs in 2023.
Transit traffic also witnessed growth, with an 11.5 per cent increase reaching 11.41 million tons in 2023, driven by notable contributions from South Sudan and the Democratic Republic of Congo.
KPA reported enhanced efficiency in port operations, with improvements in average container ship turnaround time from 2.9 days to 2.3 days and average gross moves per ship per hour increasing from 32.5 moves to 38.8 moves, attributed to recent investments in equipment and infrastructure development.
With assets totaling KES 346 billion, KPA stands as the fourth-largest state corporation in net assets after the National Social Security Fund, the University of Nairobi, and KenGen.
