On January 24, Port of Tallinn’s Supervisory Board got an overview of the company’s activity and preliminary performance results for 2016, according to which Port of Tallinn’s cargo flow decreased by 10%, number of passengers increased by 4%, total revenue amounted to EUR 111 million and operating profit to EUR 49 million.
According to preliminary data, in 2016 the total revenue of Port of Tallinn was EUR 110.9 million, up by 11% YoY.
According to the Chairman of the Port of Tallinn’s Supervisory Board Aare Tark the increase of revenues of Port of Tallinn group in 2016 was mostly caused by the commencement of ferry traffic and by the new record breaking result in international passenger traffic.
“Revenue was also affected by cargo flow. From cargo types, volume of containerized goods, ro-ro, dry bulk goods and mixed cargo increased, whereas the biggest cargo group – liquid bulk – decreased. Revenue from ice-breaker Botnica also decreased due to not finding work for off-icebreaking season,” Tark added.
Based on preliminary data, company’s expenses in 2016 amounted to EUR 61.5 million, increasing by 3% YoY. The increase in expenses was mostly influenced by the commencement of a new service – operating the ferry traffic from October 2016.
In 2016, investments into purchasing of new ferries and improvements of infrastructure of Port of Tallinn’s harbors totaled EUR 49.3 million. Return on assets grew from 7.8% to 8.2%.
Port of Tallinn’s operating profit in 2016 was EUR 49.5 million, exceeding that of the previous year by EUR 9.1 million, due to larger growth of revenues compared to expenses.
The Supervisory Board acknowledged the Management Board for achieving good performance results.
“Despite the difficult year and commencement of an entirely new business, the port has managed to increase its profitability,” noted Aare Tark.
In addition to the parent company Port of Tallinn, the group includes subsidiaries TS Energia, TS Shipping and TS Laevad. (Portnews/Business World Magazine)
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