When the Houthis attacks in the Red Sea began a few months ago, all analysts sounded the alarm about the possible effects on the port of Piraeus.
However, the port of Piraeus showed resilience, with the Chairman at Piraeus Port Authority (PPA), Yu Zeng Gang, stressing that the port has boosted its immunity against geopolitical challenges.
Yu Zeng Gang is expected to complete five years at the “helm” of the country’s largest port in a few months and has proved to be a competent ‘captain’ in storms.
Strong dividend
The port’s performance is expected to be reflected on the 2023 financial figures to be announced on March 29.
Analysts expect the Chinese chairman of PPA, who is a choice of the main shareholder, namely COSCO (controlling 67%), to continue the distribution of generous dividends.
In the nine-month period of 2023, net profits rose 40% to 65.8 million euros, paving the way for another record year.
Stock at 2008 record levels
The company’s stock has reached the highest levels since 2008, with Yu Zeng Gang estimating that it will reach 28 euros on the Athens stock exchange, which translates into a 20% jump in 2024 and 50% in the last 12 months.
The Chinese chairman of PPA has driven the company’s market value to 700 million euros, making it a candidate for a possible “promotion” to the FTSE/Athex Large Cap ahead of the April restructuring.
During his position as chairman of the company, which began in June 2019, the company’s stock has recorded a cumulative rise of 30%, having absorbed a series of major and significant crises, such as the coronavirus pandemic, the war in Ukraine and hopefully the Houthis’ attacks.
