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Piraeus Port Authority Sees Turnover Down Over 10% In 2020

Piraeus Port Authority sees turnover down over 10% in 2020

Source: COSCO Shipping Ports Ltd
News Release – Piraeus Port Authority SA – Annual Financial Results 2020 – February 23, 2021 Turnover amounted to €132.9 million, compared to € 149.2 million in the financial year 2019, a decrease of €16.3 million or -10.9%. This change is mainly due to the decrease in revenues attributed to the pandemic in the cruise and coastal shipping sector by 84.0% and 26.4% (amounting to
€10.5 million and €3 million respectively), as well as in the Ro-Ro sector by 20.3%, amounting to €2.8 million. There was an increase in revenues from the concession fee of Piraeus Container Terminal (PCT) by 1.1% or by €0.7 million, as well as in the ship repair sector by 16.2% or € 1.9 million. Total expenses decreased by -8.8% in 2020 to €93.7 million compared to €102.7 million in the financial year 2019, despite the fact that staff remuneration and expenses remained the same, amounting to €58 million. Profit before taxes amounted to €36.9 million compared to €47.6 million in the year 2019, a decrease of €10.7 million or -22.3%; profits after taxes amounted to €26.4 million reduced by -25%, compared to €35.4 million in the financial year 2019. PPA will pay €4.8 million concession fee to the Greek state for 2020 (compared to €5.4 million in 2019). It was recorded an increase to cash amounting €111.4 million, compared to €106.7 million in 2019, while bank borrowings decreased by €6 million due to payment of four (4) instalments of long-term borrowing. The proposed dividend per share amounts to €0.40. The BoD Chairman of PPA Mr. Yu Zenggang stated: “Despite the impact of COVID-19 and the negative effects on the financial results in specific business units, the Company achieved the uninterrupted continuation of port activities in conditions of safety, without placing any employee on temporary suspension. In addition, the Company proceeded with contracting of investments amounting to € 211.7 million and strengthens its efforts to accelerate their implementation, despite the challenging conditions”. PortSEurope Note: Piraeus Port Authority and Piraeus Container Terminal are operated by China’s COSCO Shipping Ports Limited. Source: Piraeus Port Authority

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