Piraeus Port posts 19 pct turnover rise in 2018

Piraeus Port posts 19 pct turnover rise in 2018

The turnover of Piraeus Port Authority SA (OLP) in 2018 amounted to 132.9 million euros compared to 111.5 million euros in 2017, an increase of 19.2 percent, the company announced on Friday.

Profit before tax amounted to 42.3 million euros, up from 21.2 million euros in 2017, an increase of 100 percent, according to an e-mailed statement.

The net result is improved by 147 percent to 27.9 million euros compared to 11.3 million euros in 2017, OLP added.

The company will pay 4.8 million euros concession fees to the Greek state for the year 2018 compared to 4.1 million euros in 2017, according to the press statement.

China Cosco Shipping has acquired the majority of OLP shares in 2016 after an international tender. The concession agreement expires in 2052

The Chinese company's subsidiary PCT has also managed the port's container terminal since 2009.

Following a series of projects across the harbor, its image has already improved, with impressive results posted in recent years.

The financial results for 2018 were presented to the Hellenic Fund and Asset Management Association at OLP's headquarters, according to Friday's announcement.

"2018 was the most successful year in terms of profitability. The successful financial management also brings additional revenue to the Greek state due to increased concession fees, dividends, insurance contributions, etc. The additional investments that we propose in the Master Plan will further boost the employment as well the local and national economy," said Captain Fu Chengqiu, CEO of OLP.

"During the first three months of 2019, the under-concession Piers II + III which are the most important source of revenue of OLP, achieved a new record handling 1.25 million TEU, bringing Piraeus closer to the first place in the Mediterranean," he added.

The rest of the company's activities have also an upward trend, especially Cruise which shows an increase of 20 percent in ships' calls for 2019, as well as the Ship Repair activity where the docks' operation has been increased by 53 percent, Captain Fu noted.


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