The Group’s profit amounted to EUR 25.6 million (–10%)
In the fourth quarter, both sales revenue (+13%), adjusted EBITDA (+6%) and profit (+14%) increased, the Port of Tallinn Group says in its press release. Growth in passenger volume and ferry calls increased revenue in the Passenger harbours segment, which made the biggest contribution to the improvement in the Group’s financial performance. However, profitability indicators improved less than revenue because surging energy prices and some major maintenance and repair works
In 2021, the Group’s revenue increased to EUR 110.1 million (+3%) supported by all segments, adjusted EBITDA was EUR 54 million (–8%) and profit amounted to EUR 25.6 million (–10%). Adjusted EBITDA margin decreased by 5.3 percentage points; the volume of investments was EUR 14.7 million (–60%). Due to the impact of the ongoing global COVID-19 crisis, the number of passengers passing through the Group’s harbours in 2021 decreasing to EUR 3.5 million (–18%), cargo volume, on the other hand, reached the past six years’ highest level of 22.4 million tonnes (+5%).
According to Valdo Kalm, Chairman of the Management Board of Port of Tallinn, the company was able to increase revenue in all business areas despite the negative impact of the pandemic. In addition to the corona virus crisis, the Group’s financial results were also affected by the energy crisis. “However, in the last quarter of the year we already saw a sharp increase in the number of passengers and passenger ship calls, which is a sign that the impact of the pandemic on the passenger business is starting to recede. We welcome the return of cruise passengers and the reopening of the Tallinn-Stockholm route. In terms of cargo volume, we made a record volume in the last six years and we continued at steady course in shipping. We believe that in the coming years, the pandemic will affect our business less and less,” said Kalm.
“Despite the crisis, we continued to invest and in the summer the cruise terminal, the promenade and the Admiral Bridge were completed in the Old City Harbour, which will connect the harbour area with the urban space and create an attractive environment for the real estate development of the Old City Harbour in the near future,” Kalm noted. “Last year, we continued to reduce the negative footprint of our business – greenhouse gas emissions from our direct sources of pollution decreased by 10%. The shipping companies connected their ships calling at the Old City Harbour to onshore power, and automated mooring operations started from December, reducing air pollution and noise in the Old City Harbour and saving valuable time. At the beginning of last year, we switched to the consumption of electricity produced only from renewable sources, and in business development we are intensively engaged in the development of offshore wind farms and the application of hydrogen technology in port operations.”