Thessaloniki Port Authority S.A. (ThPA S.A.), operator of the Port of Thessaloniki, announced its financial results for fiscal year 2024, following the Board of Directors' approval of the Annual Financial Report on April 15, 2025.
The company reported record revenues of €100.7 million, a 17% increase from €85.9 million in 2023.
This growth was driven by higher revenues across all main sectors: Container Terminal revenues rose by €11.5 million (+19%), Conventional Cargo Terminal by €2.9 million (+14%), Passenger Traffic by €0.5 million (+54%), and Real Estate by €0.3 million (+7%). Operational performance also improved, with Container Terminal throughput reaching 566,000 TEUs, up by 46,000 TEUs (+9%) year-over-year.
Conventional Cargo volumes increased to 3.2 million tons, a rise of 250,000 tons (+9%). Cruise calls totaled 81 vessels, up from 68 in the previous year (+19%), with total passengers at 125,000, an increase of 64,000 passengers (+105%).
Gross profits reached €47.1 million, up €9.5 million (+25%) compared to 2023. EBITDA stood at €42.6 million, reflecting a growth of €8.6 million (+25%), with an EBITDA margin of 42%, up by 3 percentage points. Earnings before taxes were €36.3 million, an increase of €9.9 million (+37%), while net earnings after taxes improved to €28 million, up €8 million (+38%). Earnings per share were approximately €2.78.
The company plans to propose a total dividend of €2 per share, a 54% increase from the previous year's €1.3 per share, subject to approval at the Ordinary General Meeting of Shareholders on May 14, 2025. Total capital expenditure for the year amounted to €6.3 million. The Group's financial liquidity remained strong, with total cash, cash equivalents, and financial assets reaching €123 million, including €76.4 million in term deposits exceeding three months, reflecting an increase of €28 million from the previous year.
Executive Chairman Athanasios Liagkos stated: "2024 was another record year for ThPA S.A., as the Company’s performance was significantly enhanced in almost all sectors of its activities. This fact is confirmation of the consistent implementation of our long-term business and investment plan, which aims to promote and reinforce the role of the Port of Thessaloniki in Southeastern Europe. The Port of Thessaloniki is now entering a new development trajectory, following the recent issuance of the Presidential Decree approving the Master Plan of ThPA S.A. The approval of the Master Plan is an important milestone in the development of ThPA S.A., as it allows the Company to proceed with the implementation of investments that enhance the prospects and competitiveness of the Port, including the launch of the flagship project for the expansion of Pier 6, which is expected to enter the implementation phase soon, following the receipt of the necessary permits and approvals for the construction. This investment significantly upgrades the international position of the Port of Thessaloniki, directly and indirectly supports the creation of new jobs, enhances the further development of the wider port community, and offers multiplier benefits to the economy and society, both locally and nationally. At ThPA S.A., we continue to dynamically implement our plan with a long-term perspective and a focus on creating meaningful impact for all our stakeholders."
Thessaloniki Port Authority S.A. (ThPA S.A.) is the operator of the Port of Thessaloniki, a key logistics hub in Southeastern Europe. The company provides intermodal transport and logistics solutions, serving the Balkans and broader Southeast, Central, and Eastern European regions.