Plipdeco's revenue declines 2% in 2020

The Point Lisas Industrial Port Development Corporation Limited (Plipdeco) has recorded a two per cent decline in its revenue for 2020.

In its consolidated financial statement, chairman Ian Atherly noted that the period December 31 2020 resulted in the generation of $306.4 million representing a decrease of $7.4 million from 2019.

Decreases were also reflected in other areas. Group profit before tax, exclusive of fair value gains on the tenanted premises generated $19.4 million, a 34 per cent decrease from 2019 when it recorded a $29.4 million.

Fair value gains of $76 million were generated as a result of increases in the fair value of investment properties on the estate due to rent reviews and renewals during 2020. In 2019, Plipdeco recorded $97 million.

Additionally, earnings per share (EPS) also decreased and stood at $2.21 for 2020. The figure for 2019 was $2.92 per EPS. Earnings before interest, taxes, depreciation and amortisation (Ebitda) also declined to $57.8 million. In 2019 Ebitda was recorded at $68.4 million.

Atherly attributed the decreases to the to the impact of the covid19 pandemic and noted that it continued to monitor and adjust to the changes in the economic environment and the impact that it may have on its strategic choices, operations and reporting obligations.

“The reduction in revenue was mainly as a result of a decrease in cargo throughput at the port due to a three per cent reduction in containerised cargo volumes and an 11 per cent reduction in general cargo tonnage when compared to 2019.”