SBMA posts P4B revenue in 2023

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