NASSAU, BAHAMAS- The Nassau Container Port’s operator for its second quarter recorded total revenues of $10.4 million, an 11.5 percent increase over budgeted revenues and a 17.9 percent growth compared to the same period in FY2024.
For the quarter ending December 31, 2024, this growth was driven primarily by higher storage fees, terminal handling charges, and rental income. EBITDA for the quarter stood at $5.2 million, exceeding budget expectations by 9.2 percent and outperforming the previous year’s second-quarter EBITDA by 13.8 percent. Net income for the period reached $3.6 million, marking a 12.6 percent improvement over budgeted net income and an 18.6 percent increase year-over-year.
Cargo volumes presented a mixed picture, with TEU volumes at 36,788, falling slightly below budget by 0.3 percent but up 6.2 percent from the prior year. Tonnage volumes were 9.6 percent below budget but surged 22.6 percent over last year’s second quarter, reflecting increased bulk cargo activity. Vehicle volumes, however, lagged both budget (-12 percent) and prior-year levels (-1.6 percent).
Despite the decline in some volume categories, key revenue drivers such as storage fees and reefer services significantly outperformed expectations. Storage fees were particularly strong, exceeding budget by 121.8 percent, with empty container storage alone surpassing projections by 445 percent.
Operating expenses for the quarter totaled $5.2 million, 14 percent higher than budgeted levels and 22.3 percent more than last year. The primary contributors to this increase were higher salaries and benefits, as well as terminal handling expenses, which rose due to increased cargo activity. Nonetheless, the company maintained a healthy direct operating margin of 40.79 percent, in line with expectations.
APD Limited ended the quarter with a cash balance of $9.97 million, down from $17.93 million at the end of the first quarter. This decline was primarily due to dividend distributions totaling $8.74 million and a $5 million investment in Island Power Producers, partially offset by strong operating cash flows. The company continues to maintain a strong liquidity position and a stable balance sheet, with total assets standing at $156.7 million and total liabilities at $81.7 million.
While the company faced some volume headwinds, particularly in vehicle and tonnage categories, the strong revenue performance and disciplined cost management have positioned APD Limited for continued profitability. Strategic investments, such as the stake in Island Power Producers, are expected to generate long-term value for shareholders. Additionally, ongoing infrastructure improvements and service enhancements will ensure the company remains a leading player in the Bahamian maritime and logistics sector.
