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Thessaloniki Port Authority Reports Increased Revenue And Profit In 2020

Thessaloniki Port Authority reports increased revenue and profit in 2020

The board of directors of ThPA S.A. has approved the 2020 Annual Financial Report for the Fiscal Year 2020 financial results and activity of ThPA S.A. resulting in increased revenue and profit – April 22, 2021 Total revenue increased from €68.9 million ($83 million)in 2019 to €71.7 million in 2020, an increase of 4% mainly due to the results at the Container Terminal. The increased
throughput in the Container Terminal resulted in an increase in revenues by 11.3% over the previous year, from €44.7 million in 2019 to €49.7 million in 2020. The main drivers for the increased revenue – despite the negative effects of the pandemic – remained the implementation of improved export procedures, the better handling of the clients and the pricing restructuring actions, recently implemented by the new management of the port. Regarding the Conventional Cargo Terminal, the effects of the pandemic were more significant, resulting in a decrease in total volumes by 16.3%, from 4.469 million tons in 2019, to 3.741 million tons in 2020, thus lowering the Conventional Port revenues by 9.3%, from €22.3 million in 2019 to €20.2 million in 2020. Gross Profits increased from €32.2 million in 2019 to €33.9 million in 2020, representing a total increase of 5.3%. The margin ratio improved slightly (46.7% in 2019 and 47.3% in 2020), considering however a change that took place within 2020 in the useful life of certain assets in machinery, that led to a positive effect of lower depreciation charges by €0.88 million in 2020, compared to the previous year. Net Profits after tax increased by 22.1%, from € 16.45 million. in 2019 to €20.1 million in 2020, forming the Net Profit Margin from 24% in 2019 to 28% in 2020. Net profits were significantly influenced positively by two main factors, the positive change in the total depreciation charges described above by €0.88 million and the reversal of tax provisions by €1.42 million, the latter as a positive result of the favorable recent decision from the Administrative Court of Appeal regarding tax audits for the years 2005-2011. The proposed dividend per share amounts to €1.42. Regarding capital expenditure plan, ThPA S.A. has completed significant investments of €8.1 million in 2020, approximately €11 million within 2021, while additional €25 million. is expected to be executed during 2021, a satisfactory performance towards gradually meeting its strategic targets. PortSEurope Note: In February this year, Russian billionaire of Greek origin and born in Georgia, Ivan Savidis, acquired the 47% stake in Thessaloniki port owned by Germany’s Deutsche Invest Equity Partners (DIEP). Savidis, “the Russian tsar of Thessaloniki”, according to local media, already owns 20% and now will control 67% of Greece’s second largest port. Thessaloniki Port Authority (ThPA) was privatised in March 2018, and was operated by South Europe Gateway Thessaloniki (SEGT) Ltd, a consortium, in turn, owned by Germany’s Deutsche Invest Equity Partners (DIEP) with 47%; France’s CMA CGM (Terminal Link) with 33% and Savvidis Group (Cyprus-registered Belterra Investments) with 20%. Terminal Link is 49% owned by China Merchants Port Holding, which is controlled by the Chinese state. Source: Thessaloniki Port Authority (ThPA)

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