Thessaloniki Port Authority: Financial results for the period Jan-Sep 2020 and latest developments

Thessaloniki Port Authority S.A. (ThPA) has announced an increase in total revenues generated in the first semester continued also for the period January-September 2020 - December 15, 2020 The container terminal reported third quarter volumes of 2020 up 9.6% at 118,000 TEU (108k TEU in Q3/2019). Accordingly, volumes for the 9-month period increased by 2% to 335,000 TEU (328,000 TEU). Regarding the conventional cargo, the impact from the pandemic was relatively mild in the third quarter of 2020, since total volumes decreased by 5.6%, from 1.007k tons in Q3/2019, to 951k tons in Q3/2020. In the 9-month period, volumes decreased by 12,6%, from 3.24 million tons in 9M/2019 to 2.83 million tons in 9M/2020. Total revenues for the third quarter increased by 8.3%, from €16.6 million in Q3/2019, to €18 million in Q3/2020, while for the 9-month period an overall increase of 6.5% was posted from €49.5 million in 9M/2019, to €52.7million in 9M/2020. The increase for the 9-month period was primarily driven by the container terminal (providing additional revenues of €4.9 million) that surpassed the anticipated decrease in the revenues from conventional cargo (a drop of €1.6 million). It is highlighted that total revenues were negatively impacted by volume developments due to the pandemic, however, revenue growth was clear, due to the changes implemented as of last year and analyzed further on. Earnings Before Interest and Taxes (EBIT), increased in the third quarter of 2020 by 11.4%, from €5.7 million in Q3/2019 to €6.3 million in Q3/2020, while EBIT in the 9-month period decreased 2.4%, from €17.3 million in 9M/2019 to €16.9 million in 9M/2020. Operational Earnings (EBITDA) followed a similar trend with EBIT in the third quarter of 2020, increasing by 9.5%, from €7.2 million in Q3/2019 to €7.9 million in Q3/2020, while in the 9 month-period, EBITDA decreased 0.8%, from €21.8 million in 9M/2019 to €21.6 million in 9M/2020. The main drivers for the increased revenue remained the implementation of improved export procedures and the container tariff restructuring actions, implemented by the management last year. Profitability compared to the relevant 9-month period of 2019 was mainly affected by the pandemic, which slowed the movement of cargos internationally, resulting in lower volumes, thus in lower sales than anticipated. In addition, operational costs were adversely affected by non-recurring events, compounding the impact on profitability stemming from Covid-19 volume effects. Setting aside the impacts of the pandemic, the Management of ThPA is optimistic about the underlying and positively developing financial performance of the Port, as well as the outlook for the economies in our catchment area. Thessaloniki Port Authority (ThPA) was privatised on March 23, 2018, and is now operated by South Europe Gateway Thessaloniki (SEGT) Ltd, a consortium, in turn, owned by Deutsche Invest Equity Partners GmbH (47%), Terminal Link SAS (33%) and Belterra Investments Ltd (20%). Source: Thessaloniki Port Authority

Thessaloniki Port Authority: Financial results for the period Jan-Sep 2020 and latest developments

All news

New Caspian ferry line Turkmenbashi-Olya might finally launch

Kazakhstan’s ports handled 6.2 mln tonnes of cargo in Jan-Oct’24

DFDS bought Ekol Logistics at the end

Two cocaine shipments, 720 kg and 720 kg, seized in Vlissingen port

Malta sees reduced cruise ship passengers in Q3 2024

Our Expert Analysis

Latest Free Reads

Top Ports

Thessaloniki Port Authority: Financial results for the period Jan-Sep 2020 and latest developments

Share this news:

All news

New Caspian ferry line Turkmenbashi-Olya might finally launch

Kazakhstan’s ports handled 6.2 mln tonnes of cargo in Jan-Oct’24

DFDS bought Ekol Logistics at the end

Two cocaine shipments, 720 kg and 720 kg, seized in Vlissingen port

Malta sees reduced cruise ship passengers in Q3 2024

Our Expert Analysis

Latest Free Reads

Top Ports