BUSINESS

OLP saw pretax profits rise 12.5% in 2019

TAGS: Transport, Shipping

The turnover of Piraeus Port Authority (OLP) last year amounted to 149.2 million euros, up from €132.9 million in 2018, an increase of 12.3%, the company said on Friday.

Profit before tax was at €47.6 million compared to €42.3 million in 2018, an increase of 12.5%, according to an emailed statement issued after the Annual General Assembly of OLP shareholders, which approved the annual financial statements.

According to the company’s annual financial report for 2019, net results improved by 27% to €35.4 million, against €27.9 million in 2018.

China’s Cosco Shipping acquired the majority of OLP’s shares in 2016 after an international tender.

The Chinese company’s subsidiary, Piraeus Container Terminal (PCT), has also managed the port’s container terminal since 2009. The image of Greece’s largest port has already improved with impressive results posted in recent years.

In 2019, PCT’s three piers handled 5.65 million TEU (twenty-foot equivalent unit) of cargo, a new record in container throughput, said OLP Chairman Yu Zenggang.

“This high performance had several positive effects on the national and local economy, such as an increase in the concession fee, in dividends, in tax contribution, working positions, and finally improvement of the socio-economic footprint of OLP,” he said.

[Xinhua]

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