SIPA CEO Colin Yow. Photo credit: SIBC.

SIPA CEO Colin Yow. Photo credit: SIBC.

The Solomon Islands Ports Authority (SIPA) has generated $41 million profit in its financial year report, in just eight months.

Minister for Infrastructure and Development Stanley Sofu made the announcement during SIPA’s brief update on its progress, achievement, financial position and its future plan.

“I am pleased to announce the underlying profit of Solomon Islands Ports Authority for the financial year is $41 million achieved in barely eight months. This is a 290 percentage increase. This is the first time in Solomon Islands Ports Authority History and we can all be proud of this ahievement after 59 years since its establishment.”

Minister Sofu adds, the SIPA Chief Executive Officer, Collin Yow’s input into the state-owned enterprise fulfils government expectations.

“I am proud and I was instrumental in the appointment of the Chief Executive Officer Mr Colin Yow. I have observed with great interest the progress that the Ports Authority has taken in the past eight months.”

As part of the announcement, a cheque of $10 million dividends was handed over to the government today.

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