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USPA Publishes Jan-Aug 2019 Report – Higher Income, Reduced Profit

USPA publishes Jan-Aug 2019 report – higher income, reduced profit

USPA Publishes Jan-Aug 2019 Report – Higher Income, Reduced ProfitSource: Ukrainian Sea Ports Authority

Odessa, Ukraine (PortSEurope) November 7, 2019 – Ukrainian Sea Ports Authority (USPA) has published its results for the first nine months of 2019

Net income was UAH 5.09 billion (€183 million), up 10% (UAH 500 million), compared to the same period of 2018. Net profit was UAH 1.23 billion, a decrease of UAH 296 million. This was due to the increase in funding of passport depth maintenance projects at the ports by 6.7 times, as well as the repair and reconstruction of its own fleet by 2.5 times.

At a press conference in Odessa on November 6, USPA head, Raivis Veckagans, said, “Due to the increase of financing of the projects for the exploitation of dredging up to UAH 737.9 million, over the nine months of this year, the volume of work performed at Ukrainian ports amounted to over 3.6 million m³. USPA also significantly, up to UAH 128.7 million, increased funding for projects to repair its own fleet and restore vessels received from the state company “Ukrvodshlyakh” to maintain the declared depths in inland waterways”.

In his words, it has affected in terms of USPA’S net profit, but the measures taken now, in the long run, will increase the volume of sea and river transport, as well as the number of ship calls to Ukrainian ports.

The volume of capital investments of the enterprise decreased by UAH 188.5 million. The lack of an approved financial plan for 2019 limits the possibilities of USPA to implement a number of important projects with a total cost of more than UAH 500 million.

The primary projects are the implementation of the fifth stage of dredging in the water area of ​​the dry estuary of the port of Chernomorsk; completion of design and commencement of reconstruction work of Berth 3 in the port of Mariupol; continuation of repair of the transport overpass in Odessa – roads for the port and the city; major repairs of Tiligulsky vessel; financing of drafting of plans of territories of Ukrainian seaports and corresponding registration of land plots.

Source: USPA

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