PortsToronto releases 2021 Audited Financial Statements
PortsToronto released its 2021 Audited Financial Statements, which report on the financial performance of business units and the organization overall during what was another challenging year due to the continued impacts of the COVID-19 global pandemic, according to the company's release. Although business units such as the marine Port of Toronto and the Outer Harbour Marina recorded strong financial results, Billy Bishop Toronto City Airport experienced a second challenging year in 2021 due to the pandemic, with a significant decline in revenues due to the continued suspension of commercial air carrier service up until September 2021.
Overall, PortsToronto reported operating revenues of $39.7 million in 2021, an increase of $3.0 million over 2020 revenue of $36.7 million. In addition, PortsToronto had a net loss in 2021 of $8.9 million versus net loss of $12.6 million in 2020, an improvement of $3.7 million year-over-year.
In terms of business unit performance, the marine Port of Toronto experienced another strong year in 2021 and, for the fifth consecutive year, moved more than two million metric tonnes of bulk and general cargo products. The port and its activities reported operating income from all sources of $5.5 million, up from the year prior that recorded $4.4 million, which can be attributed to cargo handling and dues, port berthage and storage. There were 190 ship visits in 2021, bringing sugar, salt, cement, aggregate and steel directly to the heart of the city. Twenty-five ships brought in steel imports from around the world, representing an 18-year high.
The Port of Toronto also saw the arrival of three bridge spans from Nova Scotia via tug/barge for Waterfront Toronto’s Port Land Flood Protection project, and was critical in providing berthing for marine equipment in support of the new City of Toronto Ashbridge’s Bay Sewer Treatment Plant Outfall Project. While cargo shipments at the Port continued unabated, there was continued suspension of cruise ship activity in 2021 due to pandemic-related travel restrictions. The forecast for cruise ships is back on track for 2022, with forty cruise ships expected to arrive at the Port of Toronto.
Operations at the Outer Harbour Marina remained strong as recreational boating was in high demand during the pandemic, with the Marina at a 100% occupancy level. The Outer Harbour Marina’s operating income was $2.4 million in 2021 on revenues of $5.4 million.
Property and Other, including investments, reported operating income of $2.9 million in 2021, down from $4.4 million the year prior. Property and Other includes the rental of various properties along the waterfront as well as investment income earned on PortsToronto’s cash reserves, which dropped in 2021 versus 2020, due to lower interest rates.
Despite the financial challenges presented and the operational impacts of the pandemic throughout 2021, PortsToronto paid $3.3 million in Payments in Lieu of Taxes (PILTs) to the City of Toronto in 2021, as well as paying $2.3 million in property taxes. The amounts accrued and paid to the federal government and to the City of Toronto together totalled $6.4 million for 2021, and $6.7 million for 2020, representing 16.2% and 18.2% of PortsToronto’s Operating Revenue in fiscal years 2021 and 2020, respectively.
For more than 100 years PortsToronto has worked with its partners at the federal, provincial and municipal levels to enhance the economic growth of the City of Toronto and the Greater Toronto Area. PortsToronto owns and operates Billy Bishop Toronto City Airport, which welcomed approximately 2.8 million passengers in 2019; the Outer Harbour Marina, one of Canada's largest freshwater marinas; and, Marine Terminal 52, which provides transportation, distribution, storage and container services to businesses at the Port of Toronto. PortsToronto is committed to fostering strong, healthy and sustainable communities and has invested more than $12 million since 2009 in charitable initiatives and environmental programs that benefit communities along Toronto's waterfront and beyond. PortsToronto operates in accordance with the Canada Marine Act and is guided by a board with representation from all three levels of government.