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Piraeus Port Authority AGM Approves 2018 Financials

Piraeus Port Authority AGM approves 2018 financials

Piraeus Port Authority AGM Approves 2018 FinancialsSource: Hellenic Republic Asset Development Fund

Piraeus, Greece (PortSEurope) July 2, 2019 – The Annual General Assembly of Piraeus Port Authority S.A. (PPA) shareholders took place on 28 June 2019 with a quorum of 86.48% and approved among other items the Annual Financial Statements and the Dividend Distribution for the financial year 2018, which, as the Board of Directors proposed, amounts to €0.424 per share, compared to €0.1712 of the previous year (an increase of 148%).

The most important figures of the Annual Financial Report 2018 are the following:
– The turnover amounted to €132, 9 million compared to €111.5 million in the corresponding period of 2017, showing an increase of 19.2%.
– Profit before tax amounted to €42.3 million compared to €21.2 million in the year 2017, showing an increase of 100%. 
– The net result is shown improved by 147% to €27.9 million compared to €11.3 million in the year 2017.
– PPA will pay €4.8 million concession fee to the Greek State for the year 2018 compared to €4.1 million in 2017.
– Cash amounted to €80.9 million compared to €61.9 million in 2017.

The General Assembly was chaired by the Chairman of PPA Yu Zenggang, who stated: “The year 2018 was the most successful year in terms of profitability. The successful financial results of the port contribute positively to the Greek economy as well as all the investments included in the Master Plan that will create growth and new jobs.”

Piraeus Port Authority is operated by China’s COSCO Shipping Ports Limited.

Source: PPA

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