By George Georgiou

 

Piraeus Port Authority (PPA) announced a significant increase in revenues and profits in the nine-month period and the third quarter of 2023 compared to the same period in 2022. Most of the company's operational sectors moved upwards, with spectacular results mainly in the cruise industry.

 

Nine-month and third quarter results

 

In the nine-month period, the company's profits after taxes amounted to 65,882,840 euros on 30.09.2023 compared to 47,094,365 euros in 2022, up 39.9%. Revenues rose 13% at 164,694,755 euros in the same period compared to 145,759,069 in 2022. In addition, the company's EBITDA rose to 99,877,018 euros compared to 75,398,826 in the same period of 2022, up 32,5%.

 

PPA's revenues and profits were also on the rise in the third quarter. The company's revenues from 01/07/2023 to 30/09/2023 totaled 62,275,129 euros compared to 52,683,506 in the same period in 2022 (an increase of 18.2%), while profits after taxes reached 27,137,779 versus 21,194,141 in the same period of 2022 (28% increase).

 

The EBITDA totaled 39,551,096 euros in the same period compared to 31,494,489 in 2022, up 25.6%.

 

The improved results and profit margins reflect the improved revenue performance, but also the effective cost management policy implemented by the company, despite the ongoing challenges of the energy crisis and the general inflationary economic environment.

 

Spectacular performance in cruise sector

 

The company attributed the positive performance to the cruise sector, mainly influenced by the increase in the number of cruise ships that use the port of Piraeus as a starting point (homeport/arrival and departure of the ship from the same port) from 340 to 455 (+33.8%), while the increase in homeport cruise passengers is approximately 129.3% (from 378,899 to 627,017 passengers).

 

In the first nine months of 2023, 588 cruise ships with 1,148,017 passengers sailed in the port of Piraeus, compared to 511 cruise ships in the same period of 2022 and 632,642 passengers.