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Piraeus Port Activities Drive Growth in 2018

Photo Source: Piraeus Port Authority

Photo Source: Piraeus Port Authority

Turnover for Greece’s largest port increased by 19.2 percent in 2018 to 132.9 million euros, against 111.5 million euros in 2017, the Piraeus Port Authority (PPA) said last week, upon the release of its annual financial report.

Shipping giant Cosco, running the PPA, attributed the positive results to a 27.8 percent rise in revenue from concession fees to 12.2 million euros and a 25.3 percent increase in revenues generated by container activities to 5.1 million euros.

Vehicle transfer was also stronger by 13.2 percent to 1.6 million euros as were ship repair activities up by 37.4 percent or 2.6 million euros.

Profit before tax came to 42.3 million euros compared to 21.2 million euros in 2017, marking a nearly 100 percent rise, the company said, while net profit grew by 147 percent to 27.9 million euros against 11.3 million euros in 2017, achieving the highest profitability in the last 15 years.

Meanwhile, according to Cosco Shipping Ports Ltd, a total of 393,000 containers were handled by the port of Piraeus, marking an 18.8 percent increase compared to the corresponding month a year earlier, at 330,900 containers.

Last week, Cosco said it had achieved a new record, handling a total of 4.90 million teu in 2018, an annual 18.4 percent rise compared to 2017, making Piraeus the second largest port in the Mediterranean after Valencia.

On the downside, revenue from cruise activities declined by 7.7 percent.”2018 was the most successful year for PPA SA in terms of profitability.

All business units are constantly improving the quality of services provided and their financial results,” said PPA SA CEO Captain Fu Chengqiu, adding that “we expect in a short term period to have the necessary approvals from the Greek state in order to accelerate the implementation of investments, which, as demonstrated by the present results, are creating added value and long-term benefits for shareholders, employees, local communities and PPA SA stakeholders”.

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