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The Piraeus Port Authority (PPA), Greece’s biggest and busiest such facility, on Tuesday reported another record-breaking year with 2024’s results, during a presentation to the Hellenic Fund & Asset Management Association.
Specifically, the Cosco-managed and majority-controlled PPA reported 230.9 million euros in revenues for the year, up 5% from 2023 (219.8 million euros). Pre-tax profits reached 112.9 million euros, compared to 96.2 million euros in 2023, an increase of 17.4%. After-tax profits were 87.5 million euros, up 30.8% – 66.8 million euros in 2023.
A proposed dividend was 1.92 per share, up 43.7% compared to 2023’s dividend of 1.34 euros per share.
The results and proposed dividend are the best in the port authority’s history, and across-the-board in specific sectors, such as the cruise ships, coastal shipping, container terminals, vehicle transport and shipbuilding/repair.
The Piraeus Port Authority was privatized by a SYRIZA-led coalition government in 2016 in an international tender where Shanghai-based Cosco Shipping emerged as the highest bidder.
Under a privatization deal, Cosco initially acquired 51% stake in PPA from the Hellenic Republic Asset Development Fund (HRADF) for 280 million euros and committed to investing roughly 294 million euros over five years in order to purchase an additional 16% of its share capital.
The second tranche of purchased shares set back the Chinese multinational 88 million euros, in addition to 11.87 million euros in accrued interest.
Source: tovima.com
