GPHA records 39.41% decline in profit in 2020

The Ghana Ports and Harbours Authority (GPHA) recorded 39.41% drop in net profit for 2020.

The net profit declined from GH¢185.95 million in 2019 to GH¢112.67 million in 2020.

GH¢21.06m spent on CSR

In spite of this, GPHA spent GH¢21.06 million on corporate social responsibility (CSR) activities in the areas of education, health and environment.

2020 State Ownership report

This is contained in the 2020 State Ownership report which shines the spotlight on the performance of entities in which the state has an interest, collectively referred to as specified entities (SEs).

SOEs, JVCs, OSEs, regulatory bodies, and public corporations

These entities comprise state-owned enterprises (SOEs), joint venture companies (JVCs) and other state entities (OSEs) such as regulatory bodies, and public corporations.

8.05% rise in total revenue to GH¢1.4bn

Notwithstanding the impact of COVID-19 pandemic on global trade and maritime transport, the report said GPHA’s revenue increased by 8.05% from GH¢1.3 billion (GH¢1,358.07 million) in 2019 to GH¢1.4 billion (GH¢1,467.37 million) in 2020.

 Revenue boosted by vessel calls

It attributed the increase in revenue to a boost by vessel calls and container traffic.

13% annual increase in revenue since 2016

According to the report, total revenue increased by an average of 13% per annum between 2016 and 2020.

It revealed that revenue from operations, namely charges on vessel services, vessel facilities, oil and gas services, cargo services and cargo facilities made up 89.28% of total revenue.

Operations revenue up by 10.21% to GH¢1.3bn

It increased by 10.21% from GH¢1.1 billion (GH¢1,188.81 million) in 2019 to GH¢1.3 billion (GH¢1,310.13 million) in 2020.

8.11% rise in expenditure to GH¢498.17m

Expenditure increased by 8.11% from GH¢460.79 million in 2019 to GH¢498.17 million in 2020.

General and administration expenses up by 33.80%

The main driver of total expenditure was general and administration expenses which increased by 33.80%.

Exchange losses escalated

GPHA was also hit with exchange losses due to the nature of their operations and transactions which relies on foreign currency denominated loans.

1,901 vessel calls

Key operational results include 1,901 vessel calls in 2020, exceeding target of 1,667 vessel calls.

8.1% rise in cargo traffic to 26.39m

Cargo traffic rose by 8.1% to 26.39 million tonnes over a target of 24.4 million tonnes.

 Container traffic up 29.87% to 1,287, 083

GPHA also exceeded container traffic target by 29.87% with 1,287, 083 container port traffic for 2020.

1.4m tonnes of traffic transit

It attained 1.4 million (1,496,822) tonnes of traffic transit over a target of 1,394,209 tons.

Transshipments containers target exceeded

The Authority also exceeded transshipments containers target of 3,365 container port traffic to an actual of 22,260 container port traffic.

In the same vein, GPHA recorded 83,938 container port traffic of actual transit containers over a target of 67,391 container port traffic.

The Authority’s total weighted score for 2020 Performance Contract was 2.42, which represents a below average performance based on the normalised five-point scoring scale.

Ghana Ports and Habours Authority (GPHA) was established in 1986 to build, plan, develop, manage, maintain, operate and control all ports in Ghana.

GPHA’s business units comprise the Ports of Tema and Takoradi, Tema and Takoradi Fishing Habours, Tema Shipyard and Dry- dock, Transit Sahelian Liaison Office in Burkina Faso, among others