Port of Piraeus reports 92% profit increase before tax in 2017
The Board of Directors of PPA S.A. approved the Annual Financial Report 2017 according to which the basic figures are the following:
The turnover amounted to € 111.5 million compared to € 103.5 million in the corresponding period of 2016, showing an increase of 7.7%, the company said in its press release.
The operations at the Container Terminal showed significant increase in revenue by € 7million (53.1%), where container throughput increased by 70.6%, meaning 453.264 TEU compared to 265.716 TEU in 2016, while the income from the concession fee of the Pier II and Pier III increased approximately by € 3.4 million (8.4%).
The profits before tax amounted to € 21.2 million compared to € 11.0 million in the year 2016, showing an increase of 92% and the net result is improved by 68.6% to € 11.3 million compared to € 6.7 million of the year 2016.
The operating expenses showed a small increase by 2% to € 94.8 million compared to € 92.8 million in 2016, while the staff wages increased by 17.2% compared to the previous year, due to the payment of two additional salaries (Christmas bonus, Easter bonus, holiday allowance), after the privatization of the company.
PPA SA will pay € 4.1 million concession fee to the Greek State for the year 2017, compared to 3 million in 2016 and 2 million in 2015.
The proposed dividend per share is € 0.1712 compared to € 0.0892 in 2016 (92% increase).
As the Chairman and CEO of PPA SA Captain Fu Chengqiu stated: "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. 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.".