Monday, February 6, 2023
spot_img
HomeHeadlinesThessaloniki Port sees increase in total revenues and throughput

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Thessaloniki Port sees increase in total revenues and throughput

Regarding the financial results of the 1st semester of 2021, Thessaloniki Port Authority (ThPA S.A.) released the first consolidated figures, including the 100% owned, subsidiary ThPA Sofia EAD, incorporated on November 2020 – as this notification had been properly announced then – with initial share capital 50k Bulgarian Leva (BGN, approximately € 26k). During the 1st semester of 2021, an overall increase in the Port’s revenues has been noted, compared to the corresponding period of 2020, stemming from an increase in total volumes handled both, at the container terminal (C?) and at the conventional cargo terminal (CC?).

Following the BoD approval on 13/9/2021 of the Financial Statements and of the BoD Report, it is announced that the consolidated revenues for the 1st semester of 2021 reached € 37,4 mil. (ThPA Sofia’s revenues approached € 0,4mil.), consolidated operational earnings (EBITDA) reached € 15,3 mil. and consolidated Net Earnings after taxes reached € 8,1 mil. No comparative data are available, since the consolidated figures are released for the first time.

Regarding the performance of the parent company ThPA S.A. below, the increase in total revenues during the first 6 months of 2021 amounted to approximately € 2,4 million (increase 6,8%), from € 34,7 mil. in the 1st semester of 2020, to € 37 mil. in the 1st semester of 2021, with € 1,5 mil. Additional revenues from the container terminal, posting an increase of 6,2% and € 0,9 mil. additional revenues
rom the conventional cargo terminal, posting an increase of 9%, as a result of increased volumes from both sectors.

The container volumes increased by 8,1%, from 217k TEUs in the 1st semester of 2020, to 235k TEUs in the 1st semester of 2021. In the same period, the conventional cargo volumes increased by 13,3%, from 1.888k tons, to 2.140k tons, sourced primarily by the handling of nickel ore and scrap.

Gross Profits increased from € 15,2 mil. in 2020, to € 17,5 mil. in 2021, representing a total increase of 14,6%. The gross margin ratio improved also, from 43,9% in 2020, to 47,1% in 2021, as a result of improved revenues, productivity improvements and increased cost efficiency.

Operational Profits (EBITDA) increased by 15,1%, from € 13,9 mil. in the 1st semester 2020, to € 16 mil. in the 1st semester 2021, mainly due to the increased volumes handled.

Net Profits after tax increased by 13,3%, from € 7,8 mil. in 1st semester 2020, to € 8,9 mil. in the 1st semester 2021.

The capital expenditure plan for the 1st semester of 2021 amounted to € 11,8 mil. and was mainly related to the prepayments for the purchase of two large STS cranes, having their final purchase value reaching € 16 million. Additional significant capital expenditures are expected towards the end of the year. Moreover, the planning and study for the expansion of Pier 6 continues, having passed to the final phase of the selection of the contractor.

On 31/8/2021, with the official Announcement of the results of the Mandatory Tender Offer of the shareholder (Offeror) Belterra Investments Ltd., ThPA S.A. was informed that the new controlling shareholder «Belterra Investments Ltd.», holds directly 1,88% of the share capital (and of the voting rights) as a result of the Tender Offer and indirectly – through the control exercised in «SEGT Ltd.» – 67% of the share capital (and of the voting rights); concluding, it controls in total 68,88%. The overall process of the Mandatory Tender Offer was consequently finished.

Regarding the estimations of the pandemic consequences, the Management of ThPA S.A. remains optimistic for the volumes’ throughput for the total of 2021. Specifically, improved volumes are anticipated for the 2nd semester of 2021, when the results of the pandemic will start to fade with increased pace.

Source: Thpa S.A

Related Posts

Video

Finance & Economy
Shipping News
Ports

LNG boosts CPLP 2022 results

Capital Product Partners L.P. released its financial results for the fourth quarter ended December 31, 2022. Highlights  Three-month periods ended December 31, 20222021Increase/(Decrease)Revenues$79.9 million$63.6 million26%Expenses$42.1 million$35.7...

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...