Plipdeco records $41.3m in profits

THE Point Lisas Industrial Port Development Corporation Ltd (Plipdeco) recorded $41.3 million in profits after tax for the six months ended June 30.

In its unaudited consolidated financial statements, published on the TT Stock Exchange website on August 5, Plipdeco reported a $7.5 million increase in profits compared to the same period in 2023, when the company earned $33.8 million in net profits.

The financial results showed that it earned $185.3 million in revenue for 2024, $10.9 million more than it did the year before.

Gross profit for 2024 was $126.7 million as compared to $116.8 million for the same period in 2023.

Operational costs reduced revenue to an operational profit of $49.6 million for the year, as compared to $40.1 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, warehousing and industrial estate management.

In July, The Caribbean Information and Credit Rating Services Ltd (CariCRIS) reaffirmed Plipdeco's assigned credit ratings of CariA+ on the regional and ttA+ on the national rating scale.

CariCRIS said these ratings indicate a good level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean.

"Plipdeco is expected to remain well-capitalised and comfortably service its debt obligations. Its ratings continue to reflect its strong market position in port operations and industrial real estate management in TT, enhanced by a diversified product offering," CariCRIS said.