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Piraeus Port Authority Annual General Assembly Approves 2019 Financial Results

Piraeus Port Authority Annual General Assembly approves 2019 financial results

Source: COSCO Shipping Ports Ltd
Piraeus, Greece (PortSEurope) July 19, 2020 – The Annual General Assembly of Piraeus Port Authority SA shareholders took place July 17, 2020, with a quorum of 86.41% and approved among other items the Annual Financial Statements and the Dividend Distribution for the financial year 2019. In May this year, PPA presented the 2019 financial results to the Hellenic Republic Asset Development Fund (HRADF), the government responsible
for privatising Greek state-owned assets. The dividend is €0.5388 per share, compared to €0.424 of the previous year, 27%. Piraeus Port Authority is operated by China’s COSCO Shipping Ports Limited. The key figures of the Annual Financial Report 2019 are: Turnover was €149.2 million ($170.53 million) compared to € 132.9 million in the corresponding period of 2018, an increase of 12.3%.Profit before tax was €47.6 million (€42.3 million), an increase of 12.5%.Net result improved by 27% to €35.4 million (€27.9 million)PPA will pay a €5.4 million concession fee to the Greek State (€4.8 million).Cash amounted to €106.7 million (€80.9 million). The General Assembly was chaired by the Chairman of PPA, Yu Zenggang, who said: “The year 2019 was marked by the achievement of the first place of Piraeus in the Mediterranean, as in total all three piers of the container terminal reached a new record of container throughput, handling 5.65 million TEU. This high performance had several positive effects on the national and local economy, such as an increase in the concession fee, in dividends, in tax contribution, working positions and finally improvement of the socio-economic footprint of the PPA”. Copyright (C) PortSEurope. All Rights Reserved. 2020.

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