Greece’s Thessaloniki Port Authority S.A., the operator of the port of Thessaloniki and a multi-gateway intermodal network and logistics solutions provider for the Balkans and the broader Southeast, Central and Eastern European region, announced the financial results for the fiscal year 2024.
The company’s board of directors approved the annual financial report on April 15.
ThPA S.A. reported for 2024 record revenues and volumes, despite the year’s geopolitical instability and supply chain disruptions.
Container Terminal throughput reached 566k TEUs, increased substantially by 46k TEUs (+9%), year over year.
Conventional Cargo attained 3,2 million tons, higher by 250k tons (+9%) vs prior year.
Cruise calls reached a record high of 81 vessels vs 68 in prior year (+19%) with total passengers at 125k, increased YoY by 64k passengers (+105%).
The group revenues reached 100,7 million euros in 2024, compared to 85,9 million euros in 2023, significantly increased by 14,8 million euros (+17%), fuelled by higher revenues in all company’s main sectors: the revenues of the Container Terminal increased by 11,5 million euros (+19%), of the Conventional Cargo Terminal by 2,9 million euros (+14%), of the Passenger Traffic by 0,5 million euros (+54%), and of the Real Estate by 0,3 million euros (+7%).
Regarding the group’s profitability for 2024, gross profits reached 47,1 million euros, increased by 9,5 million euros (+25%) vs 2023.
Earnings before interest, taxes, depreciation and amortization (EBITDA) surpassed 42,6 million euros, compared to 34,1 million euros in 2023, reflecting a growth of 8,6 million euros (+25%) while EBITDA margin reached 42% increased by 3pp compared to the prior year.
Earnings before taxes, reached 36,3 million euros compared to 26,4 million euros in 2023, reflecting an increase of 9,9 million euros (+37%) while net earnings after taxes improved notably and reached 28 million euros, compared to 20 million euros in the previous year, reflecting an increase of 38%.
The Group said that it “maintains healthy levels of financial liquidity due to consistent and strong production of operating cash flows, reaching 123 million euros total cash, cash equivalents and financial assets, including term deposits with a duration of more than 3 months of 76,4 million euros, reflecting an increase of 28 million euros compared to the previous year.”
Athanasios Liagkos, the executive chairman of the BoD of ThPA S.A., said: “2024 was another record year for ThPA S.A., as the company’s performance was significantly enhanced in almost all sectors of its activities. This fact is confirmation of the consistent implementation of our long-term business and investment plan, which aims to promote and reinforce the role of the Port of Thessaloniki in Southeastern Europe.
“The Port of Thessaloniki is now entering a new development trajectory, following the recent issuance of the Presidential Decree approving the Master Plan of ThPA S.A. The approval of the Master Plan is an important milestone in the development of ThPA S.A., as it allows the company to proceed with the implementation of investments that enhance the prospects and competitiveness of the Port, including the launch of the flagship project for the expansion of Pier 6, which is expected to enter the implementation phase soon, following the receipt of the necessary permits and approvals for the construction.
“This investment significantly upgrades the international position of the Port of Thessaloniki, directly and indirectly supports the creation of new jobs, enhances the further development of the wider port community, and offers multiplier benefits to the economy and society, both locally and nationally. At ThPA S.A., we continue to dynamically implement our plan with a long-term perspective and a focus on creating meaningful impact for all our stakeholders”.
