SERVICES

Piraeus Port Authority shows good 2018 results

Piraeus - The annual briefing to the Hellenic Republic Asset Development Fund (HRADF)of the results of Piraeus Port Authority SA for the year 2018 took place at the headquarters of PPA S.A. in the presence of the CEO of PPA S.A. Captain Fu Chengqiu and Angelos Karakostas, Deputy CEO

Piraeus - The annual briefing to the Hellenic Republic Asset Development Fund (HRADF) of the results of Piraeus Port Authority SA for the year 2018 took place at the headquarters of PPA S.A. in the presence of the CEO of PPA S.A. Captain Fu Chengqiu, Angelos Karakostas, Deputy CEO, Athanasios Liagkos, Member of the Board of Directors and Management Consultant, Tian Chao, CFO and other executives of the company. The key financial data of 2018 are as follows:
- the turnover amounted to €132.9 million ($149.08 million), compared to €111.5 million in the corresponding period of 2017, an increase of 19.2%;
- profit before tax amounted to €42.3 million (€21.2 million), an increase of 100%;
- the net result is improved by 147% to €27.9 million (€11.3 million);
- PPA S.A. will pay €4.8 million concession fees to the Greek State for the year 2018, compared to €4.1 million in 2017;
- the cash and cash equivalent amounted to €80.9 million (€61.9 million);
- the proposed dividend per share amounts to €0.424 (€0.1712), an increase of 148%.

CEO of PPA S.A. Captain Fu Chengqiu commented: “2018 was the most successful year in terms of profitability. The successful financial management also brings additional revenue to the Greek State due to increased concession fees, dividends, insurance contributions, etc. The additional investments that we propose in the Master Plan will further boost the employment as well the local and national economy”.

Finally, it is noted that during the first three months of 2019, the under concession Piers II + III which are the most important source of revenue of PPA S.A., achieved a new record handling 1.25 million TEU bringing Piraeus closer to the first place in the Mediterranean.

The rest of the company’s activities have also an upward trend, especially Cruise which shows an increase of 20 % in ships’ calls for 2019, as well as the Ship Repair activity where the docks’ operation has been increased by 53%.

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