Piraeus Port Authority (PPA) executive vice-president, LIN Ji, who was appointed at the “helm” of the listed company at the end of April, has approved the distribution of a record dividend of 1.34 euros (gross amount), 29% higher than last year.
The “strong” dividend yield (5.30%) is a result of the 2023 significant profitability (66.8 million euros).
The quarterly turnover reached 45 million euros (+2.5%) and the quarterly profits rose to 13.8 million euros (+6.9%), paving the way for another record year.
Share at multi-year highs
Although it has corrected from this year’s peaks of 28 euros, the share is still trading at the highest levels of the last 16 years (26 euros), with the valuation standing out at 650 million euros.
In fact, the current market cap is considered quite attractive based on fundamentals, given that the earnings multiple remains single digit (P/E at 9.6x).
The next day
LIN Ji is faced with a series of geopolitical crises, high costs and the removal of the feeling of security in critical sea routes.
The fact that he is vice president of the Cosco Group also indicates the importance the Chinese attach to the port of Piraeus.
Let’s not forget, at the same time, the pending implementation of the mandatory investments, which are included in the concession agreement between the State and Cosco.
These are investments, which according to sources, are mainly aimed at the development of logistics, while they will also contribute to the further expansion of the possibilities in cruise facilities.
The Cosco experience
LIN Ji is a person with deep knowledge of Cosco’s internal issues, as he has been cooperating with the Chinese shipping giant before the 2015 mega-merger with China Shipping Group.
Since 1998, when he first started at Cosco, he has served in various positions of responsibility, such as general manager at Cosco Africa and Cosco Europe.
