Record Profits Reported by Piraeus Port Authority SA (PPA) for 2023 Piraeus Port, under the control of China’s Cosco, disclosed Greece’s largest port’s exceptional financial results for 2023, marking its third consecutive year of growth. PPA revealed a remarkable surge in total revenues, reaching EUR219.8 million, showcasing a notable 12.9% increase from the previous fiscal year’s EUR194.6 million. Pre-tax profits soared to EUR96.2 million, reflecting a substantial 28.8% rise compared to EUR74.7 million in 2022.
Post-tax profits also demonstrated a significant uptick to EUR66.8 million from EUR52.9 million in 2022, signifying a robust 26.3% increase. The impressive performance led to a proposed dividend per share of EUR1.34, marking a substantial 29% surge from EUR1.04 in 2022. Notably, Piraeus solidified its position as the fourth-largest port in Europe, with its three container terminals witnessing a 2% increase in total throughput, amounting to 5,100,920 teu.
The cruise sector experienced notable growth in 2023, with a 68.6% rise in total passengers, reaching 1,484,788 compared to 880,416 in 2022. Additionally, there was a 12.4% increase in cruise ship calls, totaling 761 compared to 677 the previous year. However, the car handling sector observed a 30% decline in cargo handling, dropping from 234,238 to 163,920 units.
In the coastal shipping sector, there was a substantial increase in both passenger and car flows due to improved tourist flows, with a 7.9% rise in total passenger traffic and a 3.8% increase in car traffic compared to 2022. Moreover, PPA’s ship repair zone reported a 15.8% increase in drydockings in 2023, contributing to revenue growth despite a slight decrease in the number of ships repaired.
Yu Zenggang, Chairman of PPA, expressed satisfaction with the company’s financial performance, attributing it to the dedication of the company’s employees and the faithful execution of strategic plans. He emphasized continued investments to maintain Piraeus’ prominence among the top ports in the Mediterranean and Europe.
