The Panama Canal presented its financial results for FY24 with total revenues of 4.99 billion PAB (209 million PAB above budget and 18 million PAB more than FY23). This highlights efficient financial and operational management despite the climate challenges experienced during 2023 and 2024, reports Panama canal Authority.
Operating costs
Results shared in a media discussion with national and international reporters showed that operating costs for the interoceanic route have decreased by 5%, and net income has increased by 300 million PAB compared to the previous fiscal year.
Context and Strategies
Despite positive financial results, one of the most noticeable impacts of the drought on canal operations was the decrease in the FY24 deep-draft transits, which totaled 9,944 marking a 21% reduction from FY23 due to the water-saving measures temporarily adopted last year.
A Canal for the Future
Amid the drought that affected the region during FY24, the Panama Canal Administration promptly implemented draft and transit adjustments to ensure sustainable water use, prioritizing more than 50% of the population that relies on their water supply from Lakes Gatun and Alhajuela.
Main FY24 Results:
- Revenue Growth: Revenue increased by 1%, reaching 5 billion PAB for FY24.
- Cost Reduction: Operating costs decreased by 5%.
- Deep-Draft Transits: 9,944 ship transits: 2,856 neopanamax and 7,088 panamax.
- Tonnage: 423 million tons transported.
- Net Income: 3.45 billion PAB doubled over four years, with a 131% increase over five years.
- Total Assets: Increased by more than 4.0 billion PAB since 2019, ending at 17.6 billion PAB.
- Liabilities Reduction: Reduced from 3.5 billion PAB to 1.4 billion in five years, ending FY24 with 1.44 billion PAB.
- Equity Growth: Grew by 5.0 billion in five years ending FY24 with 16.11 billion PAB and a 21% return on equity.
- Projections for FY25
- Deep-Draft Transits: 12,582 transits for FY25.
- Tonnage: 520 million tons transported.
- Operating Revenue: 5.62 billion PAB.
- Unit Revenue: 10.63 PAB per ton.
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Source: Panama Canal Authority
