Piraeus Port Authority announces 51.7% profit in 2022

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Piraeus Port Authority announced on Friday that the 2022 financial results marked a consecutive year of growth with a turnover of 194.6 million euros compared to 154.2 million in 2021, indicating an increase of 40.4 million or 26.2%.

Profits before taxes amounted to 74.7 million euros compared to 49.2 million in the fiscal year 2021, showing an increase of 51.7%. Profits after taxes amounted to 52.9 million, indicating an increase of 43.9% compared to 36.8 million in 2021.

Finally, the proposed dividend per share amounted to 1.04, increased by 65% compared to 0.63 euro in 2021.

The results showcase the best ever performance achieved by PPA SA in both revenue and profitability. Compared to the previous fiscal year, in 2022 the cruise business sector showed a significant increase in both port calls and passenger traffic.

Total passenger traffic in 2022 amounted to 880,416 compared to 303,665 in 2021 recording an increase of 190%.

Cruise ship berths also increased by 79%, with 677 berths compared to 379 in the year before, a result that is well above even the pre-pandemic levels. In addition, it is worth mentioning that the homeporting arrivals recorded an increase of 100.5% compared to 2021.

The coastal shipping business recorded an increase compared to the previous year. Total passenger traffic in 2022 showed a growth of 26% with 14,976,394 passengers compared to 11,896,187 in 2021.

Finally, the container terminal maintained the upward trend of recent years. More specifically, the total Pier I container handling business saw an increase of 5.4%.

PPA Chairman Yu Zenggang, who expressed himself as being completely satisfied with the results, said: "The financial results of the fiscal year 2022 confirm in the best way possible that the strategy of high-quality development pursued leads to best outcomes and is the appropriate one.

"PPA strategy involving major port upgrading projects and targeted investments implemented in the recent years showcase an internationally recognised Port of Piraeus and one of the most important and competitive ports in Europe. \

"This year financial growth record fills us with optimism and gives us the strength to keep achieving top results for the Port of Piraeus with the same manner, systematically and consistently, while generating added value for all".

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