Piraeus Port pretax profits post 48.8% increase in first half

Athens-listed Piraeus Port Authority SA (OLP), which runs the country’s largest port, posted record high profits and turnover in the first half of fiscal year 2023, the company said on Wednesday.

Its profits before taxes increased by 48.8% to 49.4 million euros, compared to €33.2 million in the same period of 2022, according to an e-mailed press release.

Profits after taxes increased by 49.6% to €38.7 million, compared to €25.9 million in the corresponding period of 2022. In the first half of 2023, the company’s turnover totaled €102.4 million, 10% more than in the same period of the previous year.

The growth in turnover is attributed to increased revenues across all activities, and especially the cruise sector.

The number of passengers transported doubled compared to the corresponding period of 2022, the company said.

The number of containers handled at the port’s three piers also increased despite the challenges currently facing the transport sector, OLP said.

Chairman Yu Zenggang stated he was satisfied with the port’s positive financial results and the strong start to fiscal year 2023.