Piraeus Port Authority (PPA) H2 2024 earnings summary

Executive summary

• Revenue reached €230.9m in 2024, up 5% year-over-year, driven by car terminal (+28.2%), cruise (+15.5%), and container terminal (+10.1%) growth, offset by a 6.5% drop in concession fee income.

• Net profit after tax rose to €87.5m, a 30.8% increase from 2023, with EBITDA at €129.5m (+11.6%).

• Total assets increased by 8.4% to €662.8m, while total liabilities decreased by 1% to €253.7m.

• The company maintained strong liquidity, with cash and cash equivalents at €204.5m.

Financial highlights

• Gross profit was €135.9m, up from €131.6m in 2023.

• Operating expenses rose due to payroll increases (to €71.1m) from a new collective agreement and voluntary retirement incentives.

• Financial income surged by 147.6% to €5.2m, while financial expenses fell by 16.1% to €2.6m.

• Dividend per share proposed for 2024 is €1.92, a 44% increase year-over-year.

Outlook and guidance

• Gateway cargo volumes and passenger traffic are expected to grow, supported by robust domestic consumption and economic growth in Greece.

• Transshipment volumes are projected to recover as Suez Canal traffic normalizes.

• The company targets a 4% reduction in Scope 2 GHG emissions by 2030 and plans further investments in renewable energy and digitalization.