OLP Reports 30.8% Leap in Net Profits for 2024

The Piraeus Port Authority (OLP) announced its financial results for 2024, showcasing a significant rise in net profits. Total revenues reached €230.9 million, marking a 5.0% increase or €11.1 million compared to 2023. Pre-tax profits soared to €112.9 million, up by 17.4%, while net profits after taxes amounted to €87.4 million, reflecting a 30.8% increase. These results underscore the company’s ongoing economic strength and operational efficiency. Cash reserves stood at €204.5 million as of December 31, 2024. The management proposed a dividend distribution of €1.92 per share, enhanced by 43.7% compared to €1.336 in 2023. This marks the highest dividend payout and profitability in the company’s history, achieving improved financial results for the fourth consecutive year. In specific operational sectors, cruising set new records with increased ship arrivals, passenger traffic, and revenue growth of 15.5%. The car terminal saw a revenue boost of 28.2%, driven by storage income and domestic demand. Despite reduced transshipment cargo, the sector remained efficient. Terminal I, managed directly by OLP, reported a 10.1% revenue increase due to higher freight movement in the second half of the year. Terminals II and III experienced a 6.5% revenue decline mainly in the first half but maintained overall container terminal activity resilience amidst global supply chain challenges. Ferry operations recorded a 6.5% revenue increase due to higher passenger and vehicle traffic. Ship repair activities remained robust with a slight 0.6% revenue rise. Su Xudong, OLP’s Chief Executive Officer, stated: ‘We are proud to announce another year of strong financial and operational performance. Despite global uncertainties, we achieved record results while investing in the port’s future, proving our strategy’s strength and team dedication. The proposed dividend reflects our commitment to creating value for shareholders and supporting long-term port development and the Greek economy.’