OLP profits raise state revenues

OLP profits raise state revenues

Piraeus Port Authority (OLP) achieved an increase in both its turnover, by 12.3 percent, and net profits, by 27 percent, on a yearly basis in 2019, mainly thanks to growth in container handling at the second and third container terminals operated by Cosco subsidiary PCT. There was also a notable improvement in revenues from ship-repairs and cruise tourism.

The 2019 financial results OLP issued on Thursday showed its turnover at 149.2 million euros and its net profits at 35.4 million euros, the highest in OLP’s recent history. Ship-repair revenues rose 25.3 percent year-on-year to 2.4 million euros and cruise takings grew 18.3 percent to 1.9 million euros.

Based on these results, Cosco-controlled OLP will pay the state a concession price of 5.4 million euros for 2019, up from 4.8 million in 2018.

OLP executive chairman Yu Zeng Gang said 2019 “was another successful year, attributed both to the staff and the administration of OLP SA.” He stressed that, “in 2020, following the approvals to that effect, we can speed up the realization of the master plan,” and pledged, “We will increase out efforts so that we contribute more to the entities involved and the local communities, while also increasing returns for company shareholders.”

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