PPA S.A.: A new historic record high in revenue and profitability Piraeus Port Authority 2023-03-20 10:34

PPA S.A. announces the Full Year 2022 financial results, marking a consecutive year of growth with a turnover of €194.6 million compared to €154.2 million in 2021, indicating an increase of €40.4 million or 26.2%. Profits before taxes amounted to €74.7 million compared to €49.2 million in the fiscal year 2021, showing an increase of 51.7%. Profits after taxes amounted to €52.9 million, indicating an increase of 43.9% compared to €36.8 million in 2021. Finally, the proposed dividend per share amounted to €1.04, increased by 65% compared to €0.63 in 2021.
It is worth noting that the above results showcase the best ever performance achieved by PPA S.A. in both revenue and profitability.
More specifically, the results by core activity:

Compared to the previous fiscal year, in 2022 the cruise business sector showed a significant increase in both port calls and passenger traffic. Total passenger traffic in 2022 amounted to 880,416 compared to 303,665 in 2021 recording an increase of 190%. Cruise ship berths also increased by 79%, with 677 berths compared to 379 in the year before, a result that is well above even the pre-pandemic levels. In addition, it is worth mentioning that the homeporting arrivals recorded an increase of 100.5% compared to 2021.

The coastal shipping business recorded an increase compared to the previous year. Total passenger traffic in 2022 showed a growth of 26% with 14,976,394 passengers compared to 11,896,187 in 2021.
Finally, the container terminal maintained the upward trend of recent years. More specifically, the total Pier I container handling business saw an increase of 5.4%
PPA Chairman Mr. Yu Zenggang completely satisfied with the results said: “The financial results of the fiscal year 2022 confirm in the best way possible that the strategy of high-quality development pursued leads to best outcomes and is the appropriate one. PPA strategy involving major port upgrading projects and targeted investments implemented in the recent years showcase an internationally recognized Port of Piraeus and one of the most important and competitive ports in Europe. This year financial growth record fills us with optimism and gives us the strength to keep achieving top results for the Port of Piraeus with the same manner, systematically and consistently, while generating added value for all”.
Piraeus Port Authority S.A. is an Athens Stock Exchange listed company engaged in the management and operation of Piraeus port, Greece’s largest port and one of the largest integrated harbours in Europe, providing a complete range of services. Some of the company’s activities involve cruise, coastal (ferry/passenger), container and car terminal services, ship repair, logistic and free zone services. The main shareholder of Piraeus Port Authority S.A., with a stake of 67 percent, is COSCO SHIPPING, one of the largest maritime companies in the world.
Over the last decade the company has experienced a remarkable growth in all port activities, which is still underway, largely contributing to the country’s economy, while driven by green development and increased digitalization, alongside a people-first approach and a spirit of giving back to the society.
PPA holds the ”ECO PORT” PERS status, is included in the Athens Stock Exchange ESG index and is one of the “Most Sustainable Companies in Greece 2022”.

Source: Piraeus Port Authority

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.

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