Mogadishu — The Turkish firm managing Mogadishu Port has transferred $1.5 million in revenue it collected in October to the Somali government, Somalia’s Goobjoog News reported Tuesday (November 4th).

Albayrak Group collected a total of $2.7 million in revenue from the port, an increase since the group took over the port’s management in September.

An agreement between the Somali government and Albayrak Group enables the company to keep 45% of the port’s revenue, with the remaining 55% to be transferred to the government.

Albayrak Group in Mogadishu general director Mustafa Levent Adeli said the port’s profitability has risen substantially since September and is expected to continue to increase over the coming months, Somalia’s RBC Radio reported.

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