MPA Smash Record with 41% Profit Jump to Rs 610.8M

The Mauritius Ports Authority (MPA) has announced a record net profit of Rs 610.8 million for the 2023-2024 financial year, a 41% surge from the previous year’s Rs 432.1 million, according to its recently published annual report.

This exceptional performance, the most significant gain since the global pandemic, was primarily fuelled by the redirection of global shipping routes away from the Suez Canal due to instability in the Red Sea.

The crisis forced many shipping lines to bypass the canal and sail via the Cape of Good Hope, leading to a major increase in traffic through Port Louis.

The boost in shipping traffic directly spurred the authority’s activities, particularly in bunkering (ship fuelling) and transhipment.

Key figures underscoring the success include:

• Net Profit: Rs 610.8 million, up 41%.
• Total Cargo Handled: 8.564 million tonnes, a 13.8% increase.
• Container Traffic: 680,538 Twenty-foot equivalent units (TEU), a 12.9% progression.
• Bunkering Volume: A “spectacular” 72.3% rise, from 426,504 tonnes to 734,856 tonnes.
• Total Ship Calls: 3,517, including 47 cruise ships.

MPA Chairman, Maurice Allet, hailed the results as “a year of growth and consolidation,” but warned that the favourable conditions driving the spike—specifically the Red Sea instability—may not be “sustainable.”

He cautioned against “any complacency” and called for the strengthening of internal systems, human resources, and technical capacity.

The bumper results demonstrate the institution’s “financial solidity and rigorous management,” with net assets reaching Rs 24.8 billion, cementing the MPA’s position as one of the country’s most stable and high-performing public bodies.

Deputy Director General, Aruna Devi Bunwaree-Ramsaha, highlighted internal efforts in addition to the geopolitical advantage, citing improvements in productivity and the rationalisation of operational costs.

She pointed to the introduction of a digital ship clearance system that has simplified formalities and significantly reduced administrative delays.

Ms Bunwaree-Ramsaha noted that the 8.56 million tonnes of cargo processed exceeds the pre-pandemic peak of 2018-2019, proving the port’s resilience and strategy.

She also mentioned the ongoing update of the Port Master Plan, a strategic roadmap for future investments, including the transition to a greener and smarter port.

The growth comes as the MPA also modernises its infrastructure, including the inauguration of the new Port-Louis Cruise Terminal, capable of accommodating up to 4,000 passengers.

Source: l’Express