Thessaloniki Port Authority announces first half results

Thessaloniki, Greece (PortSEurope) September 27, 2023 - Thessaloniki Port Authority has announced financial and throughput results for the first half of 2023 Consolidated turnover (including subsidiary ThPA Sofia EAD) was €41.2 million, down -2.6%, compared to €42.3 million in the same period of 2022. Total turnover amounted to €41.2 million for 6M 2023, a decrease of -1.2%, compared to €41.7 million. The revised balances are attributed exclusively to the reclassification of revenue from the utilization of all available spaces from the “Other income” category to the "Sales” category, effectively recognizing the rental revenue sector as a main revenue sector. By segment, turnover from the Container Terminal increased by +9.6%, to €29.4 million (€26.9 million). The Conventional Cargo Terminal showed a decrease of -30.6%, to €9 million (€13 million), a decrease primarily resulting from reduced throughput of nickel ore cargoes and the general instability in international markets. Turnover from "Utilization of Spaces" increased significantly by +18.5% to €1.9 million, andturnover from Passenger Terminal was up by +13.8% to €274,000 for 6M 2023. Turnoverfrom Intermodal activity (cargo transfer by train) amounted to €607,000 (€639,000), with the addition of the new transport lines to Nis (Serbia) and Skopje (North Macedonia). Container Terminal throughput increased by +11.3%, through constant improvements in loading andunloading processes and also due to economies of scale achieved by the addition of the 2 new gantrycranes (STS), reaching 255,200k TEUs (229,400 TEUs). During the same period, the volumes of Conventional Cargo Terminal decreased, mainly due to the drop in nickel ore volumes handled by 37.9%, to 1.28 million tons, from 2.07 million tons. Regarding Dry Port facility of the subsidiary ThPA Sofia, there was a significant drop in volumes, witha total throughput of 92 TEUs (3,623 TEUs), while turnover was limited to €40,000 (€639,000). Thedecrease is attributed to the general conditions of the railway network that caused a partial suspension of network operations, combined with the fact that the subsidiary entered into a reorganization process from January 2023. Regarding profitability, gross profit for the Group decreased by -8.3%, to €17.3 million, from €18.9 million in 6M 2022. Gross profit also decreased by -9.8% to €17.3 million (€19.2 million). Operating profits-EBITDA for the Group decreased by 9.7%, to €15.1 million (€16.7 million) and for the Company, EBITDA also decreased by -16.2%, to €14.4 million (€17.1 million). Finally, profits after tax (PAT) for the Group decreased by -12.2%, to €8.4 million from €9. 6million. PAT also decreased by 24.5%, to €7.7 million (€10.2 million). The decrease in profitability is primarily attributed to lower volumes at the Conventional Cargo Terminal and to the recording of an impairment of €0,87 million from the participation in the subsidiary ThPA Sofia EAD. Management comment The Executive Chairman of the BoD of ThPA S.A. pointed out: "Since 2018, we have completedinvestments exceeding € 67 million for the overall upgrade of the Port of Thessaloniki. In 2023, wecontinue to implement our Investment Plan focusing on upgrading the Port's infrastructure,promoting digitization and creating synergies that foster cross-border trade, enhance connectivityand lay the foundations for developing new opportunities internationally. At the same time, focusingon sustainable development, we seek to actively contribute to the development of the Greek portindustry and the creation of significant added value for the economy and society". More PortSEurope news about Thessaloniki Port Authority PortSEurope Note: Thessaloniki Port Authority (ThPA) was privatised in March 2018, and was operated by South Europe Gateway Thessaloniki (SEGT) Ltd, a consortium, in turn, then owned by Germany’s Deutsche Invest Equity Partners (DIEP) 47%; France’s CMA CGM (Terminal Link) 33% and Savvidis Group (Cyprus-registered Belterra Investments) 20%. Terminal Link is 49% owned by China Merchants Port Holding, which is controlled by the Chinese state. In February 2021, Russian billionaire of Greek origin, born in Georgia, Ivan Savvidis, acquired the 47% stake in the port owned by DIEP. Savidis, “the Russian tsar of Thessaloniki”, according to local media, now controls 67% of Greece’s second largest port. Copyright (C) Ports Europe. All Rights Reserved. 2023.

Thessaloniki Port Authority announces first half results

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Thessaloniki Port Authority announces first half results

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