Thessaloniki Port Authority SA announced an increase in turnover and moving cargo for the first half of 2021. emphasizing in a relevant information that for the first time consolidated sizes were published for Thessaloniki Port Authority, with the addition of the 100% subsidiary “ThPA Sofia EAD”, which was established in November 2020 – as duly announced – with initial share capital 50 thousand Bulgarian Leva (about 26 thousand euros).

In detail, in the first half of 2021 there was an overall increase in port revenues compared to the corresponding period of 2020, which is due to the increase in the total volume of cargo, both at the container terminal (CT) and at the conventional cargo terminal  (CCT).

Subsequently, after the approval of the Financial Statements and the Report of the Board of Directors from 13/9/2021, without comparative data being available for the corresponding period last year, it is announced that the consolidated revenues for the 1st half of 2021 amounted to 37 , 4 million euros (ThPA Sofia revenues approached 0.4 million euros), operating profit (EBITDA) to 15.3 million euros and Net Profit after taxes amounted to 8.1 million euros.

Regarding the size of the parent Thessaloniki Port Authority SA, the increase of revenues during the first 6 months of 2021 amounted to 2.4 million euros (increase of 6.8%), from 34.7 million euros in the first half of 2020, to € 37 million in the first half of 2021, with € 1.5 million in additional revenue from the container terminal, an increase of 6.2% and an additional € 0.9 million from the conventional cargo terminal, recording an increase of 9%, mainly as a result of increased cargo volumes in both sectors.

Container handling increased by 8.1%, from 217 thousand TEUs in the first half of 2020, to 235 thousand TEUs in the first half of 2021. During the same period, the quantities of conventional cargo handled increased by 13.3%, from 1,888 thousand tons to 2,140 thousand tons respectively, an increase mainly due to the movement of nickel and scrap.

Gross profit increased from 15.2 million euros in 2020 to 17.5 million euros in 2021, representing an overall increase of 14.6%. The gross profit margin ratio also improved, from 43.9% in 2020 to 47.1% in 2021, as a result of increased revenue, efficiency improvements and better management of cost operators.

Increase in profitability

Operating profit (EBITDA) also increased by 15.1%, from € 13.9 million in the first half of 2020 to € 16 million in the first half of 2021, mainly due to the increased volume of moving cargo.

Net Profit after taxes finally increased by 13.3%, from 7.8 million euros in the first half of 2020, to 8.9 million euros in the first half of 2021.

The capital expenditure program for the first half of 2021 amounted to 11.8 million euros, and mainly concerns the advance payment for the purchase of two cranes (STS) with their final purchase value approaching 16 million euros. Additional significant capital expenditures are expected by the end of the year.

In addition, the planning and study of the extension of the 6th pier continues, having passed to the final phase of the selection of the contractor.

Public Offer

Also, on 31/8/2021, with the official announcement of the results of the Mandatory Public Offer of the shareholder (Proposer) Belterra Investments Ltd., ΟΛΘ Α.Ε. was updated that the new majority shareholder “Belterra Investments Ltd.” directly holds 1.88% of the share capital (and voting rights) as a result of the Public Offering and indirectly – through its control of SEGT Ltd. – 67% of the share capital (and voting rights), ie controls a total of 68.88%. The overall Mandatory Bidding process was therefore terminated.

The impact of the pandemic – Optimism for the second half

Regarding the assessment of the impact of the pandemic, the Management of Thessaloniki Port Authority SA remains positive for cargo handling for the whole of 2021. Especially in the second half of 2021 it is expected to yield improved cargo volumes when pandemic effects begin to decline at an increased rate.

The Executive Chairman of the Board of OLTH SA, Athanasios Liagos stated in this regard: “The fact that the total revenues of the Company showed an upward trend in the first half of 2021 is particularly positive, especially if one takes into account the challenges faced by the transport sector nationally and globally. We remain optimistic and focused on our strategic goal, which is none other than the growth of the port of Thessaloniki and the implementation of our investment plan, focusing on acceleration, where possible”.

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