Piraeus Port enjoys record profitability for 2021

Piraeus Cosco

The Piraeus Port Authority (PPA S.A.) has announced its highest level of profitability in port history in its financial results.

The PPA S.A. reported an after-tax profit of €36.8 million ($40.4 million) in 2021, a 39.4 per cent increase compared to €26.4 million ($29 million) in 2020.

The port authority saw an annual turnover of €154.2 million ($169.1 million) compared to €132.9 million ($145.8 million) in 2020, recording an increase of € 21.3 million ($23.4 million) or 16 per cent. 

The profit before taxes amounted to €49.2 million ($54 million) compared to €36.9 million ($40.5 million) in previous year, recording an increase of €12.3 million ($13.5 million) or 33.3 per cent.

Compared to the previous year, Pier I at the Container Terminal saw an increase of 13.9 per cent in TEU handling.

PPA S.A. Chairman, Yu Zenggang, commented: “The continuous increase in the company’s turnover despite the difficulties we have all faced in the past due to the pandemic, reveals a highly resilient company built on solid foundations. We are responsibly implementing our strategic plan for the Port of Piraeus, already placed among the leading Ports in the Mediterranean and Europe.

“With the same dedication and high sense of responsibility we will continue our dynamic sustainable growth path, while staying true to our vision of expanding Greece’s Piraeus port into the biggest harbour in Europe and one of the most important ports in the world in environmental, digital, societal and governance terms.”

In October 2021, port operator COSCO Shipping increased its stake in the PPA S.A. to 67 per cent.

Piraeus placed fifth in PTI’s Top 5 European Ports 2021.

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