Plipdeco records $52.6m in profits

The Point Lisas Industrial Port Development Corporation Ltd (Plipdeco) recorded $52.6 million in profits after tax for the year ending December 31, 2023, according to its limited audited financial results released last week.

The financial results showed an increase in profits compared to the same period in 2022, when the company earned $43.5 million in profits after tax.

The financial results showed that it earned $366.4 million in revenue for 2023, $3 million more than it did the year before. Gross profit for 2023 was $242.9 million as compared to $237.3 million for the same period in 2022. Operational costs reduced revenue to an operational profit of $68 million for the year, as compared to $57.2 million for the same period the year before.

Plipdeco is a public company, to which the government has 51 per cent ownership. The company’s core activities include port operations, logistics services and warehousing and industrial estate management.