Oman's Salalah port profits shoot up 180 percent
Oman's Salalah Port Services (SPS) on Tuesday, July 31, announced a 182 percent increase in net earnings to $2.4 million for the first half of 2001, up from $850,000 for the same period of last year.
The success was mainly due to a huge growth in revenue, which surged 18.6 percent to $18.5 million during the first half of the year from $15.6 million in the first six months of 2000.
SPS, which completed its third phase expansion by setting up a fourth berth, also achieved a 20 percent growth in gross profit to $10.2 million from $8.5 million during the period under review.
Operating costs went up by 16.7 percent to $8.4 million during the first six-month period from $7.2 million for the corresponding period in 2000, the company said in a statement.
Oman's government has pumped $130 million into developing infrastructure facilities at the port, which is jointly owned by Maersk Sealand (30 percent), the government (20 percent), private investors (19 percent), pension funds (11 percent) and the investing public (20 percent).
The port is a natural catchment area for a transshipment and distribution hub for the Indian Ocean Rim, including the east coast of Africa and the Red Sea. ― (AFP, Muscat)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)