Plipdeco records 6% increase in revenue

The Point Lisas Industrial Port Development Corporation Ltd (Plipdeco) generated $285 million in revenue in the quarter ended September 30, 2024.

This was an increase of $16.1 million when compared to 2023.

In its consolidated interim financial statement for the nine months ended September 30, 2024, published on the TT Stock Exchange website on Thursday, Plipdeco said it experienced a six per cent increase in throughput from its containerised cargo operations, which played a contributory role in the increased revenue generated year to date.

It said its third-quarter results reflected earnings before interest, taxes, depreciation and amortisation (EBITDA) of $79.3 million, with the EBITDA in 2023 being $40.6 million.

It said earnings per share (EPS) stood at $4.58, compared to $1.22 in 2023.

The corporation also generated a profit before tax (PBT) of $56 million for the year to date versus $13.9 million in 2023, which represents a significant increase of 301 per cent when compared to the prior year.

It said this significant increase in profitability resulted from a net impact of increased revenue coupled with a decline in some operating expenses as well as the positive impact from a reversal of bad debts expense which was previously recognised.

Excluding the impact of this settlement, the corporation’s PBT stands at $33.4 million, which represents an increase of 139 per cent over the 2023 performance.

"Based on our present performance for 2024 we expect to exceed both our budgeted and prior year performance. As the year continues, we remain steadfast in our resolve to making our 2024 performance a formidable one."

On September 11, Plipdeco gave official notice to the TT Stock Exchange about its president Ashley Taylor being sent on administrative leave.

Its vice-president (technical services), Dr Averne Pantin, is currently acting president.

New chairman Annette Wattie replaced Daniel Dookie as chairman of the board after Plipdeco's 57th annual general meeting on October 8 at Plipdeco House, on the Pt Lisas Industrial Estate.