Greece's Piraeus port posts record revenues, profitability in 2022

Xinhua
18 Mar 2023, 06:18 GMT+10

ATHENS, March 17 (Xinhua) -- Piraeus Port in Greece has announced a record annual turnover of 194.6 million euros (207.5 million U.S. dollars) in 2022, an increase of 26.2 percent from 2021.

Piraeus Port Authority S.A. (PPA S.A.) said on Friday that in 2022 its profit before tax reached 74.7 million euros, which was 51.7 percent higher than the year before. Meanwhile, profit after tax stood at 52.9 million euros, an increase of 43.9 percent.

"It is worth noting that the above results showcase the best ever performance achieved by PPA S.A. in both revenue and profitability," the company said.

The results by core activity were all positive. Compared to the previous fiscal year, the cruise business sector showed a significant increase in both port calls and passenger traffic in 2022.

In 2022, there were a total of 880,416 passengers, a 190 percent increase, with 667 cruise ship berths occupied, an increase of 79 percent compared to 2021. This was above pre-pandemic levels.

China's COSCO Shipping acquired the majority of PPA's shares in 2016 after an international tender. (1 euro = 1.07 U.S. dollar)

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