Cosco-managed Piraeus Port Authority reports higher profits, boasts of being top container port in Med

Tuesday, 19 May 2020 21:39
UPD:23:50
Eurokinissi/ΝΙΚΟΛΟΠΟΥΛΟΣ ΑΝΤΩΝΗΣ

ΠΕΙΡΑΙΑΣ- Εγκαταστάσεις της Cosco.(Eurokinissi-ΝΙΚΟΛΟΠΟΥΛΟΣ ΑΝΤΩΝΗΣ)

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Turnover for the Cosco-managed Piraeus Port Authority reached 149.2 million euros in 2019, up from 132.9 million from the previous year, an increase of 12.3 percent, while the net result was improved by 27 percent. PPA posted profits of 35.4 million euros, up from 27.9 million from 2018.

Moreover, the three piers of the container port (SEMPO), which operates within the PPA as a subsidiary of Cosco, handled 5.65 million TEUs, bringing the port of Piraeus to the long-sought number one position in the Mediterranean.

Pre-tax profits stood at 47.6 million euros, up from 42.3 million euros from 2018, an increase of 12.5 percent.

As such, PPA's management has paid the Greek state 5.4 million euros for its concession fee for 2019, up from 4.8 million euros in 2018.

Cash reserves reached 106.7 million euros, up from 80.9 million euros in 2018, while the proposed dividend per share is 0.5388, up from 0,424 proposed in 2018.

In a statement, PPA CEO Capt. Fu Chengqui said 2019 was the most profitable year yet for the port since Cosco assumed its management and a controlling share in August 2016.

"The successful economic management creates more revenue for the Greek state, due to the increase in the concession fee, dividends, taxes on profits, etc., and contributes to the prosperity of local communities," he said.     

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