By: Fatou Krubally
The Gambia Ports Authority (GPA) has reported a sharp decline in its net profit for the year 2022, dropping from D546 million in 2021 to D197 million.
This was disclosed in GPA’s annual activity and financial reports presented to the Standing Committee on Public Enterprises (PEC) on Monday.
Profit after tax also fell nearly by half, from D336 million in 2021 to D177 million in 2022.
The decline comes amid operational challenges, including payments to retired dock workers and ongoing maintenance costs, which heavily impacted the authority’s finances.
The authority’s management highlighted that while cargo slightly increased, congestion at the port limited optimal operations, reducing efficiency and affecting overall revenue generation.
During the presentation, GPA’s Managing Director Ousman Jobarteh explained that the port faced difficulties in implementing critical infrastructure projects outlined in the 2019 Master Plan.
Projects such as the construction of a new container terminal, the extension of the port by 345 metres, and port digitalization faced delays due to challenges in securing adequate funding.
These investments, which were expected to increase capacity and revenue, could not be realized in 2022.
The report also noted ongoing expansion efforts, including the acquisition of properties around the Half Die area and the former Muslim Senior Secondary School to increase storage space.
Contracts for installing new fenders valued at $75 million were also signed to improve operational capacity. Despite these efforts, the authority’s net profit and post-tax earnings reflect the strain of prior commitments and operational pressures.
Finance Director further explained that GPA’s liquidity position remained adequate, allowing the authority to meet its operational and financial obligations despite the drop in profits.
The authority’s auditors confirmed that the 2022 financial statements were prepared in line with accepted accounting standards.
PEC members noted the importance of timely project implementation to boost efficiency and revenue and stressed the need for GPA to prioritize infrastructure upgrades and cargo handling improvements to prevent further profit declines.
The authority remains committed to the 2019 Master Plan, with management emphasizing that once funding and project execution are aligned, the port’s profitability and operational capacity are expected to improve.
