PORT ST. MAARTEN – Port St. Maarten Group (PSG) management announced on Wednesday that the port’s High-Level Plan 2031 was recently approved by the Council of Ministers (COM).
There are key initiatives in the High-Level Plan 2031 that will assist with PSGs strategic development in the coming years up to 2031.
At the end of a recent annual shareholders meeting, PSGs 2021 financial report audited by one of the world’s top ten advisory, tax and assurance firms Baker Tilly, was found to be in order.
Acting Minister of Tourism, Economic Affairs, Transport and Telecommunications (Ministry TEATT) Hon. Minister Omar Ottley said on Wednesday: “As stated during the shareholder’s meeting, as Acting Minister of TEATT, I am extremely happy with the compliance that the St. Maarten Harbor Holding Company (SMHHC) has exemplified.
“At a time where there is so much uncertainty surrounding past activities at the Port, transparency is very important. The financial audit revealed improvements in the company’s day to day financial operations and even despite the country’s losses due to the COVID-19 pandemic, SMHHC projections are positive due to their strategic High-Level Plan.”
PSG Chief Executive Officer (CEO) Alexander Gumbs: “The High-Level Plan 2031 will shape the future of PSG where it concerns restructuring and repositioning our business model and financial capabilities therefore making us a more resilient port.
“The high-level plan is instrumental in streamlining PSG objectives in line with the company’s core business over the medium to long term in directing the future development of our port. We seek to improve our competitive footing and make the needed investments in the coming three to five years in collaboration with international stakeholders.
“We are well underway through discussions with the cruise industry as we renegotiate the current contracts to meet PSGs current needs as we prepare for the future collectively. The strategic objectives also speak towards working closer with local stakeholders such as the Sint Maarten Tourism Bureau (STB) and Princess Juliana International Airport (PJIA).
“The objective is to further grow the homeporting niche, collective destination marketing, promotion introduction and facilitating growth of local products/services of entrepreneurs to the cruise industry.
“We also set out to achieve sustainable goals by reducing our carbon footprint, further strengthening the Environment, Social & Governance elements as we shape the future of PSG.
“The Port also continues to strengthen and improve on compliance, corporate governance and risk management practices,” CEO Alexander Gumbs said on Wednesday.
PSGs financial modelling during the pandemic assumed reduced cruise calls and revenue as a result of the effects of COVID-19 impacting cruise tourists’ behavior. The current scenarios in which the cruise industry is bouncing back to normality assume that the revenues for the group as per December 31, 2022, are reduced by approximately USD 13 million.
The approved 2021 financial statement reflected the downside scenario of a negative result in the amount of USD 4,4 million for 2022. Gumbs mentioned that based on the current trends and looking at current financial and business performance, the forecasted loss projected in the 2021 financials is forecast to be less than the original loss of US$ 4.4 million.
Gumbs said on Wednesday that PSG will be publishing the condensed version of the financial statement in the coming weeks. “This is the first time that the port as a government-owned company will be publishing the aforementioned via the media.
“As the CEO I said from the beginning, key principles such as Respect, Trust, and Cooperation (RTC) goes a long way. We will continue to operate at the highest possible standards while creating growth opportunities for our employees and the country,” CEO Gumbs concluded.