Greece's Thessaloniki Port Authority posts record high revenues and profits in 2024

Thessaloniki Port Authority (TPA), the operator of the Port of Thessaloniki in Greece, recently announced its financial results for the fiscal year 2024, with the approval of the annual financial report by the board of directors (BOD) on Tuesday, April 15.

TPA said robust operational performance fueled the strong financial performance in 2024, with a record high in revenues and volumes, "despite the significant challenges in an increasingly adverse and uncertain environment, where intense geopolitical instability, escalating conflicts and supply disruptions were strongly present."

TPA said it achieved record revenues, profits, throughput and volumes for another year, almost in all core sectors of its operations. The strong results in 2024 are an outcome of overperformance in throughput and in volumes in all core services and of improved operating efficiency.

Container terminal throughput reached 566,000 TEUs, increased substantially by 46,000 TEUs (up nine per cent), year over year. Conventional cargo attained 3,2 million tonnes, higher by 250,000 tonnes (up nine per cent) versus the prior year.

Cruise calls reached a record high of 81 vessels versus 68 in the prior year (up 19 per cent) with total passengers at 125,000, increased YoY by 64,000 passengers (up 105 per cent).

The group's revenues reached €100.7 million (US$114.4 million) in 2024, compared to €85.9 million (US$97.6 million) in the previous year. This was fuelled by higher revenues in all of the group's main sectors.

Regarding the group’s profitability for 2024, gross profits reached €47.1 million (US$53.5 million), up by €9.5 million (US$11 million) from 2023.

Gross operating profit surpassed €42.6 million (US$48.4 milllion), compared to €34.1 million (US$38.7 million) in 2023, reflecting a growth of €8.6 million (US$9.8 million) while gross operating profit margin reached 42 per cent, up by three per cent compared to the prior year.

Net profit reached €36.3 million (US$41.2 million) compared to €26.4 million (US$30 million) in 2023, reflecting an increase of €9.9 million (US$11 million) while net earnings after taxes improved notably and reached €28 million (US$32 million), compared to €20 million (US$23 million) in the previous year, reflecting an increase of 38 per cent.

As a result, earnings per share are in the region of €2.78 (US$3.16).

The group maintains healthy levels of financial liquidity due to consistent and strong production of operating cash flows, reaching €123 million (US$140 million) total cash, cash equivalents and financial assets, including term deposits with a duration of more than three months of €76.4 million (US$86.8 million), reflecting an increase of €28 million (US$32 million) compared to the previous year.