Moderate earnings from Colombo Port terminals
Two privately operated Colombo port terminals have generated significant revenue over the past eight years, recording gross profits despite rising administrative costs and moderate dividend payments to the Sri Lanka Ports Authority (SLPA).
According to a recent Hansard report, the Colombo International Container Terminals Ltd. (CICT) and South Asia Gateway Terminals (Pvt) Ltd. (SAGT) have earned a combined total of $359.4 million as of June 2024, with dividend payments of Rs 77.54 billion ($125.1 million).
These dividends granted to SLPA account for 34.8 per cent of the total revenue accumulated over this period.
Despite challenges, including the 2022 economic crisis, both SAGT and CICT have maintained uninterrupted container and conventional services.
SLPA terminals have significantly contributed to this performance, showing robust growth in the first half of 2024. From January to June, domestic volume grew by 23.6 per cent, transshipment volume rose by 15.5 per cent, and total volume increased by 17.7per cent .
SAGT earned $50.5 million in the first half of 2024 while CICT earned $90.7 million. In the year 2023, SAGT and CICT posted revenues of $94.2 million and $167.6 million, respectively.
Looking ahead, the West Container Terminal, supported by India’s Adani Group and John Keells, is set to begin operations by early 2025.
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