Piraeus Port Authority Posts Vibrant 1H 2024 Results

The Cosco-managed and majority-owned Piraeus Port Authority (PPA) SA on Friday announced an increase in revenues and profits 1H 2024, breaking the previously record for half year results.

Specifically, total revenues for the January-June 2024 period reached 107.1 million euros, compared to 102.4 million euros in the corresponding period of 2023, an increase of 4.7 million euros, or 4.6%.

The boon is primarily attributed by PPA to a significant increase in revenues of its vehicle import activity, by 59.9%, followed by the cruise ship sector at 13.2%, and a marginal increase in container traffic (Pier I) by 4.0%.

Before-tax profits were up by 7.3%, totalling 53 million euros, compared to 49.4 million euros in the corresponding half year of 2023. After-tax profits reached 40.4 million euros, compared to 38.7 million euros in 1H 2023, representing an increase of 4.4% compared to the corresponding period of 2023.

In a statement, PPA chairman Lin Ji expressed satisfaction with the company’s boosted revenues and profits, noting that “instability and unique geopolitical circumstances in the Middle East continue. Our company and the Port of Piraeus, as everything indicates, managed to not only remain unaffected by this situation, but continued its overall activity with higher performances and results, as it has continuously done for several years.”