Thessaloniki Port Authority financial results 2020

On April 21, 2021, the Board of Directors of the Thessaloniki Port Authority approved the Annual Financial Report for the year 2020 regarding its financial figures and activity, which resulted in an increase in revenues and profits.

Turnover increased from € 68.9 million in 2019 to € 71.7 million in 2020, showing an increase of 4% mainly due to the results at the Container Station.

The increased traffic at the Container Station, led to an increase of 11.3% in revenue compared to the previous year, from € 44.7 million in 2019 to € 49.7 million in 2020. Main levers for revenue growth – despite the negative effects of the pandemic – which are the implementation of improved container management procedures, better customer handling, and pricing restructuring actions, recently implemented by the new Port Authority, remained.

At the Conventional Cargo Station, the effects of the pandemic were more significant, resulting in a reduction in total volumes by 16.3%, from 4,469 thousand tons in 2019 to 3,741 thousand tons in 2020, thus reducing revenues for the Authority by 9.3%, from € 22.3 million in 2019 to € 20.2 million in 2020.

Gross profit increased from € 32.2 million in 2019 to € 33.9 million in 2020, representing an overall increase of 5.3%. The gross profit margin ratio improved slightly (46.7% in 2019 and 47.3% in 2020), taking into account a change that took place in 2020 in the useful life of some machinery, which led to a positive effect due to lower depreciation costs by € 0.88 million, compared to the previous year.

Net profit after tax increased by 22.1%, from € 16.45 million in 2019 to € 20.10 million in 2020, forming a net profit margin from 24% in 2019 to 28% in 2020. Net profit were significantly positively affected by two key factors, the positive change in total depreciation costs by € 0.88 million as explained above and the reversal of tax provisions by € 1.42 million, as a positive result of the favorable recent decision of the Administrative Court of Appeal on the tax audits for the years 2005-2011.

Regarding the capital expenditure program, the Authority completed significant investments of € 8.1 million in 2020, approximately € 11 million in 2021, while another € 25 million is expected to be executed during 2021, a satisfactory performance towards the gradual achievement of its strategic objectives.

The proposed dividend per share amounts to € 1.42.

The Executive Chairman of the Board of Thessaloniki Port Authority, Athanasios Liagos pointed out the following: “We remain strictly committed to the development of the Company, during this difficult period with the pandemic of Covid-19. We focus on the acceleration and implementation of our Investment Plan, while at the same time we are upgrading the infrastructure, the equipment, the range and the quality of the services provided by the Port of Thessaloniki.”