Piraeus Port Authority reports lower results, to pay 0.40 euro dividend

Piraeus Port Authority SA on Monday reported a 10.9 pct decline in its 2020 turnover to 132.9 million euros, from 149.2 million in 2019, and attributed this development to the impact of the pandemic crisis on sea cruise and coastal shipping (revenue was down 84 pct and 26.4 pct, respectively), along with a 20.3 pct decline in revenue from the car transport sector.

On the other hand, revenue rose 1.1 pct from the concession fee of the port cargo port and by 16.2 pct in the ship repair sector. Expenses fell 8.8 pct to 93.7 million euros in 2020 from 102.7 million in 2019, while pre-tax profits dropped 22.3 pct to 36.9 million euros. After-tax profits fell 25 pct to 26.4 million euros.

Piraeus Port Authority will pay 4.8 million euros to the Greek state as part of its concession contract for 2020 (down from 5.4 million in 2019). Cash reserves rose to 111.5 million euros, while bank borrowing fell by 6.0 million euros. The board plans to pay a 0.40 euro per share dividend to shareholders.