Piraeus Port Authority (PPA) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 rose 4.6% year-over-year to €107.1 million, driven by strong growth in car terminal (+59.9%), cruise (+13.2%), and container (+4.0%) sectors, offset by a 9.3% decline in concession revenue from Piers II & III.

• Net profit after tax increased to €40.4 million from €38.7 million in H1 2023, with EPS at €1.6179.

• Total assets grew 5.3% to €644.0 million, while total liabilities decreased 3.0% to €248.5 million.

• The company maintained a strong liquidity position, with cash and cash equivalents at €209.1 million.

Financial highlights

• Gross profit margin was 58.1% (H1 2023: 57.8%).

• EBITDA margin stood at 57.3% (H1 2023: 58.9%).

• Profit before tax margin was 49.5% (H1 2023: 48.2%).

• Payroll costs increased 10.1% to €34.2 million, reflecting workforce expansion and new collective agreements.

• Financial income surged to €2.7 million (H1 2023: €0.5 million) due to higher interest from term deposits.

• Financial expenses dropped to €1.3 million (H1 2023: €2.1 million) due to interest capitalization.

Outlook and guidance

• The company expects continued growth in cruise and coastal shipping for the remainder of 2024, with peak cruise season in Q3.

• Domestic cargo growth is expected to support container terminal profitability, though transshipment volumes face headwinds from Red Sea disruptions.

• Management highlights medium-term risks from supply chain congestion and competition in ship repair.