Greece's Piraeus port posts record-high profit for 2021

Piraeus container port

The annual turnover of Greece's Piraeus Port Authority S.A. (PPA S.A.) in 2021 was 154.2 million euros (168.9 million U.S. dollars), 16 per cent more than in 2020, the company said on Monday.

Profits before taxes amounted to 49.2 million euros (up 33.3 per cent year-on-year), profits after taxes reached 36.8 million euros (up 39.4 per cent), and the proposed dividend per share was 0.63 euros (up 57.5 per cent), the Chinese-controlled company said in a statement.

This was the highest profit ever recorded in the company's history, according to the statement.

Compared to 2020, Pier I of the Piraeus Container Terminal handled 13.9 per cent more 20-foot equivalent units (TEUs) and the Car Terminal handled 40.6 per cent more vehicles in 2021.

The Cruise Terminal facilitated 379 cruise vessels and the Ship Repair Docks handled 16.5 per cent more vessels.

"The continuous increase in the company's turnover despite the difficulties we have all faced in the past due to the pandemic reveals a highly resilient company built on solid foundations," Yu Zenggang, PPA's chairman, said.

China's COSCO Shipping acquired the majority of PPA's shares in 2016 after an international tender. (1 euro = 1.10 U.S. dollars)