Business

Prince Rupert Port Authority profits top $16 million

Prince Rupert Port Authority president and CEO Don Krusel discusses the year that was 2013 during the June 19 annual general meeting. - Shaun Thomas photo
Prince Rupert Port Authority president and CEO Don Krusel discusses the year that was 2013 during the June 19 annual general meeting.
— image credit: Shaun Thomas photo

A record year on the waterfront has resulted in a record year for the pocketbook of the Prince Rupert Port Authority (PRPA).

The consolidated financial statements for the port, presented during a June 19 annual general meeting, show revenue climbing seven per cent from $36.76 million in 2012 to $39.3 million dollars in 2013. As a result of that jump in revenue, the profit for the year increased $13.87 million to $16.48 million for the year ending Dec. 31.

The financial figures of the port authority put Prince Rupert in some rare company on the national stage.

"In terms of revenue, we have moved position over the years ... in the dark years we were probably near the bottom of ports in Canada," said vice-president of finance Joe Rektor, who noted revenues climbed from less than $10 million when Fairview Terminal opened in 2007.

"We have climbed to position number four in terms of revenue ... in terms of net income, we have climbed quite a bit and now sit at position three in terms of the other ports in the system. I think it's remarkable for a relatively small community like Prince Rupert to become such a dominant port as far as Canada is concerned. I think it's really important and we should be really proud of that."

As a result of the record income, the port will be making $917,000 available for disbursement through its Community Investment Fund which supports legacy projects identified by community groups.

"We really have a role to play in using the port's success to contribute to the economic vitality of our community ... we're proud to have been investing in 35 projects since the inception of this fund in 2010," said vice-president of trade development and public affairs Shaun Stevenson, whose comments were echoed by president and CEO Don Krusel.

"While it is great to receive recognition from people in places around the world, what is most important to us at the port and port offices is the impact of our activities here at home in the community of Prince Rupert," he said.

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