Thessaloniki Port Authority reports improved results for first half 2019

2 October 2019
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Thessaloniki, Greece (PortSEurope) October 2, 2019 – Thessaloniki Port Authority (ThPA) has published its results for the first half of 2019, which includes increases in volumes handled and revenues generated, compared to the same period of 2018.

Container volumes increased by 5,9% from 208,553 TEUs to 220,757 TEUs, and conventional cargo volumes rose by 23,4%, from 1,847,744 tons to 2,280,915 tons.

Total sales revenues were €32.95 million, up €3.8 million (13%) from €29.15 million, of which €1.9 million was additional revenue generated by the container terminal, up 10.3%, and €1.8 million in additional revenue from the conventional cargo terminal, up 18.4%.

During the first semester of 2019, measures were implemented to improve the performance and efficiency of the port, which included a restructuring of the container tariff implemented with effect from June 1, 2019. The implemented measures had a minor positive impact on revenue generation and are expected to continue to have a positive effect going forward.

Total operating cost increased by 32,1% from the first semester of 2018 to the first semester of 2019, and primarily relates to increased concession fees (both in terms of an actual increase of the rate to be paid, as well as a causal effect of increased revenue), changes to the management structure, the inclusion of technical management fees, payroll structure which now includes the 13th and 14th salaries and other additional costs arising as a consequence of the development of the company. The total operating cost of the first semester of 2019 is on par with that of the second semester of 2018.

Operating profit was at an expected level of 35.5% compared to 48.5% for the first semester of 2018 (H1 2018) and 32.7% for the second semester of 2018.

Gross profits increased from €14.8 million to €15.1 million, an increase of 2,3%. Operational profits (EBITDA) declined from €16.5 million to €14.6 million, a decrease of 11.2%, due to the parameters analyzed above for the total operating cost.

Net profits after tax were also negatively impacted by the implementation of IFRS 16 and consequently, presented a decrease of 19,7%, from €10 million to €8 million.

H1 2019 showed improved performance compared to H2 2018 on all profitability parameters.

The capital expenditure program got off to a relatively slow start in 2019 due to various delays, including procedural matters. However, an independent engineer was appointed in the first semester of 2019, the first investment period was kicked off, and 12 new straddle carriers were delivered and are now operational.

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%).

Source: portseurope

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