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Piraeus – Annual Briefing to the Hellenic Republic Asset Development Fund (HRADF) results of the Piraeus SA Port Authority for the year 2018 was held at the headquarters of PPA SA in the presence of the CEO of PPA SA, Captain Fu Chengqiu, Angelos Karakostas, Deputy General Manager, Athanasios Liagkos , member of the Board of Directors and Management Consultant, Tian Chao, CFO and other officers of the company. The main financial data for 2018 are as follows:
– the turnover amounted to 132.9 million euros (149.08 million dollars), against 111.5 million euros for the corresponding period of 2017, an increase of 19.2%;
– profit before tax amounted to € 42.3 million (€ 21.2 million), up 100%;
– the net profit improved by 147% to 27.9 million euros (11.3 million euros);
– PPA S.A. will pay € 4.8 million in concession fees to the Greek State for the year 2018, compared to € 4.1 million in 2017;
– cash and cash equivalents amounted to 80.9 million euros (61.9 million euros);
– the proposed dividend per share amounts to 0.424 euro (0.1712 euro), an increase of 148%.
Captain Fu Chengqiu, CEO of PPA S.A., commented: "2018 has been the most successful year in terms of profitability. Successful financial management also generates additional revenue for the Greek state due to increased concession fees, dividends, insurance contributions, and so on. The additional investments we are proposing in the Master Plan will strengthen employment as well as the local and national economy. "
Finally, It should be noted that during the first three months of 2019, the underlying Piers II + III franchise, which is PPA SA's main source of revenue, reached a new record with 1.25 million dollars. 39, EVP, bringing Piraeus closer to first place in the Mediterranean.
The rest of the company's business also has an upward trend, in particular Cruise, which shows a 20% increase in vessel calls for 2019, as well as ship repair activity where wharf activity has been increased by 53%.
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