GREAT BAY-- The 2026 Country Budget provides an overview of the financial position of government-owned companies, with particular attention to the continuity of operations, available financial information and possible risks for government finances.
The budget notes that financial reporting has been delayed or incomplete for several entities in recent years, which has limited the availability of current, audited and controlled financial data. Where annual accounts are missing, the budget uses the most recently adopted figures, along with operational developments that may have affected the companies’ financial positions.
Within that overview, both Port St. Maarten N.V. and Princess Juliana International Airport Operating Company N.V. show positive financial developments, with both companies remaining central to the country’s tourism economy, visitor flow and wider economic activity.
Port St. Maarten N.V.
According to the 2026 budget, the 2024 annual accounts of Port St. Maarten have been completed and are expected to be discussed by the shareholder in August 2026. The port recorded a 2024 result of USD 11.2 million, based on revenue of USD 62 million and costs of USD 51 million.
The 2024 result represents an increase of USD 3.2 million compared to 2023, when the port recorded a result of USD 8 million.
The budget states that no update had yet been received for the third quarter of 2025. However, the second quarter of 2025 showed a preliminary net result of USD 9.5 million. For 2025, the port is expected to achieve a positive result of at least USD 12.5 million.
The port’s cash position at the end of the third quarter of 2025 stood at USD 7.4 million, of which USD 10.1 million was restricted. The budget describes the cash position as being in order, while also stressing that sufficient liquidity will be essential in the months and years ahead because of necessary capital expenditures for Pier 1 and other fixed assets.
The budget also notes that concession fees are paid monthly to government. As of the end of the second quarter of 2025, the arrears in concession fees amounted to Cg 13.1 million. In September 2025, a payment arrangement was signed under which the port would make an initial payment of USD 3 million, with the remaining amount to be paid in monthly installments. The first tranche of USD 3 million was received in October 2025.
Princess Juliana International Airport Operating Company N.V.
The budget also highlights improved results at Princess Juliana International Airport Operating Company N.V. The 2024 annual accounts have been completed and show a profit of Cg 21.1 million, an increase of Cg 9.5 million compared to 2023, when the airport recorded a profit of Cg 11.6 million.
According to the budget, the successful use of renewed airport facilities played an important role in the improved result. These facilities include the new departure hall in 2023 and the opening of the new arrival hall in mid-2024.
The most recent financial information available in the budget concerns the second quarter of 2025. Total revenue for Q2 2025 stood at Cg 85.5 million, an increase of 13.1 percent compared to the same period in 2024, when revenue was Cg 75.6 million. The budget states that this revenue growth was supported by strong passenger volumes. Public figures showed that the number of arriving passengers in the first quarter of 2025 grew by 10.8 percent, supported in part by automation and higher capacity.
Total costs for Q2 2025 amounted to Cg 56.5 million, compared to Cg 48.5 million in Q2 2024, an increase of 16.5 percent. The increase was mainly attributed to depreciation, which rose from Cg 6 million to Cg 12 million following the completion of the renewed terminal, and personnel costs, which increased by Cg 2 million to Cg 21 million due to additional staffing for a fully operational terminal and higher activity levels.
Despite higher costs, profitability continued to improve. Profit before taxes for Q2 2025 stood at Cg 24.6 million, compared to Cg 22.6 million in Q2 2024. EBITDA rose from Cg 32.9 million in Q2 2024 to Cg 40.9 million in Q2 2025, while the EBITDA margin increased from 43.5 percent to 47.8 percent. EBITDA means Earnings Before Interest, Taxes, Depreciation and Amortization. In plain English, it is a way to show how much money a company is making from its normal operations before counting certain costs.
The budget states that the improvement in margin and EBITDA indicates that PJIA is becoming more operationally efficient following the completion of the airport reconstruction. For 2025, strong growth is expected, supported by increased arrivals, the introduction of digital border control and the opening of the renewed arrival hall in November 2024. These developments are expected to support revenue growth in both 2024 and 2025, and to help explain a significant portion of the profit improvement since 2023. A further increase toward 1.5 million passengers in 2025 is also projected.
Together, the figures for Port St. Maarten and PJIA point to stronger performance at two of the country’s most important economic gateways. The budget also makes clear that continued liquidity management, timely capital investment and reliable financial reporting remain important for both companies and for the country’s overall financial stability.
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