CLARK FREEPORT --The Subic Bay Metropolitan Authority (SBMA) has breached its record again with its P4.116 billion operating revenue as of December 2023.
SBMA said this is an all-time high record in the history of the agency.
SBMA Chairman and Administrator Eduardo Aliño said this figure also marks the second consecutive year that the agency breached the P4-billion mark in operating revenue.
In 2022, he added that the agency recorded an operating revenue of P4.057 billion.
“This is a stellar record for the SBMA. Last year’s P4.116 billion operating revenue is higher than 2022’s operating revenue by ?59 million, which is 1.5 percent higher. Kudos to the men and women of the SBMA for achieving this goal,” he added.
A report from the SBMA’s Finance Group noted that there was an increase in revenue in 2023 despite the effect of the receipt of payment from Hanjin Heavy Industries and Construction-Philippines as compliance with the Order of the Court.
In 2023, the SBMA also recorded its highest monthly operating revenue of P415 million in April, which trumped the previous record of P395 million in January of 2022.
“This is the SBMA’s first breach of the ?400 million monthly revenue mark,” Aliño said.
SBMA Senior Deputy Administrator (SDA) for Support Services Atty. Ramon O. Agregado said the earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2023 is 23 percent higher compared to the same period the previous year.
“As of December 31, 2023, the net income before tax with subsidy is P2.72 billion, which is lower by 5 percent or P111 million compared to the same period last year. But the net income without subsidy and gain on forex revaluation is P1.933 billion, 38 percent or P532 million higher compared to the same period last year,” he added.
The SBMA Finance Group also reported that there was an increase in revenues from the Land and Billing Leases and the Seaport Operations, with a record of P1.590 billion and P1.595 billion, respectively.
The biggest revenue increase was derived from the hospitality and entertainment sector, recording P40 million in revenues, a 122 percent increase from 2022’s P18 million.
The report also cited that Housing Leases also increased from 2022’s P71 million to 2023’s P77 million, while Airport Operations recorded a jump from 2022’s P106 million to last year’s P165 million.
Despite the increase of revenues, the Regulatory Income of the SBMA dipped by 25 percent from 2022’s ?585 million to last year’s P437 million.
“As for Miscellaneous Revenues, the SBMA recorded an increase of 8 percent, from 2022’s P196 million to last year’s P213 million,” the official stated.
Aliño lauded the agency’s commitment in providing service to the stakeholders of the Subic Bay Freeport Zone.
He added that these records will be broken in the coming years as long as the SBMA continues to stay true to its vision and mission.
“As long the SBMA commits to maintain investor confidence by pursuing continuous improvement, leveraging on technology and providing robust infrastructure, and as long as the agency empowers people and communities through shared stewardship and sustained good governance, Subic Bay Freeport is certain to become the preferred sustainable investment hub and eco-tourism destination in Asia Pacific by 2030,” he said.