Greece’s Port of Piraeus Records Stunning 147% Increase in Profits for 2018



    Part of the port of Piraeus. Photo by Piraeus Port Authority

    The Piraeus Port Authority (OLP) announced on Friday that the company’s net profit for 2018 was 147 percent higher than what it had earned in 2017.

    The Authority noted in a statement that its profits before tax amounted €42.3 million in 2018, compared to earnings of €21.2 million in 2017. The enormous sum represents a doubling of before-tax profits for the year of 2018.

    The after-tax results, known as net results, recorded a stunning increase of 147 percent, with Piraeus earning €27.9 million in profit for 2018 compared to €11.3 million during 2017.

    The OLP company must pay €4.8 million to the Greek state for concession fees, which represents an increase of €700,000 over last year.

    China’s giant ”Cosco Shipping” conglomerate owns the majority of OLP’s shares.

    Captain Fu Chengqiu, the CEO of OLP, speaking with the Chinese Xinhua website, noted that the port of Piraeus has already seen a 20 percent increase in cruise-related arrivals for 2019. He further noted that profits from its ship-repair businesses are now 53 percent higher than last year.

    “2018 was the most successful year in terms of profitability. The successful financial management also brings additional revenue to the Greek state due to increased concession fees, dividends and insurance contributions,” Captain Fu noted.