Piraeus Port Authority Sees 2017 Turnover, Profits Rise

Photo source: DomosFeron

Turnover by the Piraeus Port Authority (PPA or OLP in Greek) rose 7.7 percent to 111.5 million euros last year, up from 103.5 million euros in 2016, according to the PPA’s annual financial report for 2017.

PPA’s container terminal saw a particularly high increase in turnover by 53.1 percent to 7 million euros over 2016. In absolute terms, container traffic increased by 70.6 percent to 453.264 TEU, compared to 265.716 TEU in 2016.

Revenue from the concession fee of the Pier II and Pier III increased approximately by 8.4 percent to 3.4 million euros.

Profits before tax amounted to 21.2 million euros compared to 11 million euros in 2016, showing an increase of 92 percent. Net profits were improved by 68.6 percent to 11.3 million euros compared to 6.7 million euros in 2016.

“The first full year of the new management in the port of Piraeus was marked by very positive results, which are mainly attributed to the employees of the company,” PPA Chairman and CEO Captain Fu Chengqiu said.

“We believe that in the coming years, with the implementation of our investment plan, which is already in progress, we will further improve both the business operation and the economic efficiency of PPA S.A.”, he said.

Hong Kong-based shipping giant Cosco obtained the majority stake of the port of Piraeus in 2016.