“Despite the continuous challenges it faces, most importantly the unstable geopolitical conditions prevailing in the Middle East, the Piraeus Port Authority (PPA) not only remained highly resilient to them, but managed to achieve improved results and performance in the first quarter of 2024 compared to the corresponding period of 2023, i.e. the year with the best financial performance in its history”, the company pointed out in its announcement.
More specifically, according to PPA SA, its revenues amounted to 45 million euros in the first quarter of 2024 compared to 43.9 million euros in the corresponding period of 2023, marking an increase of 2.5%.
Profit after tax for the first quarter that ended 31/03/2024 stood at 13.8 million euros compared to 12.9 million euros, up 6.9%.
In the container terminal’s Pier I, a total of 128,027 teu were handled in the first quarter of 2024 compared to 133,424 teu in the same period last year, down 4%.
Also in the first quarter of 2024, a total of 54,989 thousand passengers were handled at cruise stations, compared to 36,589 thousand in the same quarter of 2023, which represents an increase of 50.3%.
Coastal shipping: 2.6 million passengers
Passenger traffic in coastal shipping rose in the first quarter of 2023 to 2.6 million passengers compared to 2.5 in the same period of 2023 – an increase of 3.9%.
The Car Terminal recorded a decrease in loads as a result of a malfunction of the supply chain, both domestically and internationally, which has resulted in a significant increase in the time cars stay at the port piers, leading to a reduction in serviceability of new loads from the company.
This extraordinary situation provided significantly increased storage service fees, amounting to approximately 3.1 million euros (Q1 2023: 0.6 million euros) more than covering the loss from the decrease in other income and leading to an overall increase in the sector.
The concession revenue collected by the Piraeus Container Station S.A. for the operation of Piers II & III, fell by approximately 1.5 million euros (-7.8%) in the first quarter of the year compared to the corresponding period last year, due to the decrease in cargo handled amid unstable conditions in the area of the Suez Canal, PPA SA said in its announcement.
