Port Authority announces higher turnover, profits

Piraeus Port

The Piraeus Port Authority (PPA) announced an increase in both turnover and profits for 2019, with the company recommending a hefty dividend, higher by 27 percent from the previous figure.

Specifically, the Cosco-managed port authority, the biggest and busiest in Greece, announced turnover of 149.2 million euros, up from 132.9 million in 2018, an increase of 16.3 million euros, or 12.3 percent.

The higher turnover was mostly the result of a higher concession fee for the container port within PPA, up by 17.1 percent, or 9.6 million euros. Additionally, the ship-repair and cruise sectors were also up.

Pre-tax profits reached 47.6 million euros, up from 42.3 million euros in 2018.

The fee paid to the Greek state, based on the 2016 concession agreement, will be 5.4 million euros for 2019, up from 4.8 million euros in 2018.

The proposed dividend is 0.5388 euros, up from 0.4240 euros, up by 27 percent.

Chinese multinational currently holds a majority stake in the PPA, along with its management.

In referring to the results, PPA President Yu Zenggang cited another successful year, one attributed to the port authority’s workforce and management. He also said 2020 will mark the year in which PPA’s ambitious master plan will begin to be implemented.

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