Port of Piraeus hits new record in revenue and profitability

Last week, PPA S.A. announced the Full Year 2022 financial results, marking a consecutive year of growth with a turnover of €194.6 million 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 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 in 2021.

Results by core activity:

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

… said Mr. Yu Zenggang, PPA Chairman

For reference, the turnover of Piraeus Port Authority S.A  in 2018 amounted to 132.9 million euros (149 million U.S. dollars) compared to 111.5 million euros in 2017.