Mr. Lin Ji, :Instability and the challenging geopolitical conditions in the Middle East persist however Port of Piraeus continue to achieve strong results
Piraeus Port Authority reaches new highs in half-year revenues and profits Chairman of PPA SA Lin Ji expressed his satisfaction with the company’s new increase in revenues and profits in the first half of 2024
Total revenues
Piraeus Port Authority SA registered a rise in revenues and profits in the first half of 2024, achieving once again the best returns historically for the specific time period, ANA reports.
Specifically, total revenues for the first half of 2024 amounted to 107.1 million euros compared to 102.4 million euros in the same period in 2023, an increase of 4.7 million euros, or 4.6%.
This change is mainly due to the significant increase in revenues of the car transport sector by 59.9%, the cruise sector by 13.2%, and the container sector (Pier I) by 4.0%.
Rise of profits
There was also a rise of 7.3% in profits before tax, which totaled 53.0 million euros, compared to 49.4 million euros in the corresponding period of 2023. After-tax profits totaled 40.4 million euros compared to 38.7 million euros, representing a positive change of 4.4% compared to the corresponding half-year of 2023.
Challenging geopolitical
The Chairman of PPA S.A., Mr. Lin Ji, expressed satisfaction with the company’s increased revenue and profits in the first half of 2024. He remarked: “Instability and the challenging geopolitical conditions in the Middle East persist.
However, our company and the Port of Piraeus continued to achieve strong results, sustaining our upward momentum, as we have consistently done over time. This is a clear testament to the soundness of our strategy and the dedicated efforts that have ensured the Port’s reliability and, above all, its resilience.”
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(PPA)
Piraeus Port Authority SA (PPA) is a Greece-based company which manages and operates Piraeus port. The main activities of PPA are ships’ anchoring services, handling cargo, loading and unloading services as well as goods storage and car transportation.
Under a 2016 Greek privatisation deal, COSCO Shipping Ports Ltd bought a 51% stake in PPA for €280 million ($328 million). It then committed to mandatory investments worth about €294 million over five years to purchase an additional 16% stake for €88 million.
