Thessaloniki Port Authority presents improved 2018 financial figures to analysts

Thessaloniki, Greece (PortSEurope) June 5, 2019 - The Management Company of Thessaloniki Port Authority SA has presented to financial analysts the financial figures of the Company for the fiscal year 2018. Thessaloniki Port Authority 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%). Turnover for 2018 amounted to €58.5m. compared to €54.2 million in 2017, an increase of 7.9%. Revenue per operating segment amounted to €37.9 million. for the Container Terminal (STEB), corresponding to 64.8% of turnover, to €18.9m for the traditional port, which corresponds to 32.3% of turnover, to €223,000 for the passenger traffic, which corresponds to 0.4% of the turnover and to €1.49m for the exploitation of areas, corresponding to 2.5% of the turnover. In terms of profitability, there was an increase in all categories. Specifically, EBITDA (EBITDA) stood at €27.6m. in 2018, compared to €18.85 million in 2017, an increase of 46.4%, with the margin being 47.2% on turnover. Earnings before tax amounted to €24.7 million in 2018, against €12.5 million in 2017, recording a significant increase of 98.2%, with the relevant turnover margin standing at 42%. Profit after tax amounted to €17.15m. in 2018, compared to €7.2 million in 2017, more than doubling and increasing by 136.8%, with the margin being 29.3% on turnover. Significantly improved profitability is due to a number of parameters. In particular, there has been a significant improvement in the efficiency of the operation of the company's facilities and equipment, combined with increased traffic both in the SEFO and the Conventional Port. Subsequently, significantly lower asset write-downs and significantly lower forecasts were required, given the conservative policy of the previous financial year. ThPA SA continues to show zero lending, supported on a particularly strong cash basis, with cash and cash equivalents at 31 December 2018 exceeding €91 million. The company's dividend policy is primarily targeted at shareholders' satisfaction, however, also taking into account the creation of reserves capable of financing its very serious, current and future investments. The proposed dividend of earnings for the year 2018 is €0.57 per share for approval by the Annual Ordinary General Meeting. From the temporary traffic data of the first quarter of 2019, it is observed that the increase in traffic volumes follows the positive trend of 2018. The priorities of the new Administrative Group are to implement mandatory €180m investment, further increase efficiency and smooth operation and align pricing policy to market conditions. Considering the above, it is a basic and constant goal to further strengthen the market position of Southeastern Europe and, consequently, to constantly increase the value of the Company. After acquiring 67% of the second largest Greek port of Thessaloniki in March 2018, the consortium of new owners South Europe Gateway Thessaloniki (SEGT) are advancing their investment program, and aiming to build a transport hub linking the Mediterranean with the Balkan countries. Indirectly, both Russia and China have stakes and interests in the port, which has raised concerns in the European Union and the USA, and the port has become the subject of wide geo-political interest. The Chinese government continues to invest in port facilities as part of its new Silk Road policy, and the Brussels and Washington have been highly supportive of the newly-named Republic of North Macedonia and its entry into the North Atlantic Treaty Organization (NATO). At the same time, Russia has been trying to develop its political and business links to the Balkan and central European countries which were previously under the hegemony of the former Soviet Union. A more detailed PortSEurope article on these points can be accessed here. Copyright (C) PortSEurope. All Rights Reserved. 2019.

Thessaloniki Port Authority presents improved 2018 financial figures to analysts

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Thessaloniki Port Authority presents improved 2018 financial figures to analysts

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1.2 tonnes of cocaine seized in Spain’s Algeciras port

Four tonnes of cocaine seized off the Canary Islands

Russia’s ports handled 4.6 mln TEUs in Jan-Oct’24

New Caspian ferry line Turkmenbashi-Olya might finally launch

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

Our Expert Analysis

Latest Free Reads

Top Ports