1998 News Story

Ports Authority reports increase in revenue

The Saudi Ports Authority has reported that its revenues increased by 21.5 percent during the fiscal year 1997-98 compared to the year before. Revenues reached SR 1,403 million (U.S. $ 374.13 million) while expenditures amounted to SR 592 million (U.S. $ 157.87 million), thus achieving a surplus of SR 811 million (U.S. $ 216.27 million) for the public treasury. The total profit attained over the past ten years amounts to over SR 10 billion (U.S. $ 2.67 billion), with investments in the Kingdom's seaports from the private sector now totaling SR 11 billion (U.S. $ 2.93 billion).  The Ports Authority has trained about 17,000 Saudi workers since its establishment, most of them at the Jeddah and Dammam Training Centers.