Piraeus Port Authority: After income tax profits up 61.84% in first 9-month period of 2022

The Piraeus Port Authority (PPA or OLP) on Wednesday announced a 28.02-percent rise in turnover over the first nine-month period of 2022, on the back of higher cruise ship arrivals, coastal shipping activity and a rise in volume at both the container port and car terminal.

Revenues reached 145.759 million euros in the period ending on Sept. 30, 2022, with 52.684 million euros posted in Q3 2022, compared with a pandemic-affected nine-month period in 2021, when revenues reached 113.850 million euros; 41.851 million euros for Q3 2021.

The increases correspond to 28.02 percent and 25.88 percent respectively.

Gross profit amounted to 83.146 million euros for the period between January and September 2022, and 31.463 million euros for the third quarter of 2022, compared to 55.781 million euros and 22.364 million euros in the corresponding periods of 2021 – an increase of 49.06 percent and 40.69 percent, respectively.

EBITDA amounted to 75.399 million euros for the first nine-month period of 2022 and 31.494 million euros for the third quarter of 2022, compared to 54.021 million euros and 22.673 million euros in the corresponding periods of 2021, an increase of 39.57 percent and 38.91 percent, respectively.

Earnings before Tax and Interest (EBIT) reached 61.726 million euros for the Jan-Sept. period, and 26.948 million euros for the third quarter of 2022, up from 40.619 million euros and 18.180 million euros in the corresponding period of 2021, an increase of 51.96 percent and 48.23 percent, respectively.

Profit after income taxes reached 47.094 million euros for the nine-month period, and 21.194 million euros for the third quarter of 2022, up from 29.099 million euros και 14.005 million euros in the corresponding periods of 2021, an increase of 61.84 percent and 51.32 percent, respectively.