ΟΛΘ: In 2022, 62 confirmed cruise arrivals are expected, compared to 17 in 2021

The financial results of 2021 were presented by the management of ΟΛΘ Α.Ε. (ΟΛΘ) on Analysts’ Day, March 29, 2022, via teleconference from the company’s facilities.

According to the company in a relevant announcement, during the second year of the Covid-19 pandemic, the overall level of activity of the Port increased at a satisfactory pace, leading to increased revenues and profits compared to the year 2020, presenting the following main data:

In 2021 compared to 2020, the level of activity in cargo handling increased for the Container Station:

OLU1

the level of activity in cargo handling increased for the Conventional Cargo Station also:

OLU2

while the traffic in the Passenger Sector marked a particularly significant increase, with 77 thousand passengers, a record year of passenger arrival, as well as a record year for the development of the Container Station, as well as total revenues for the Port of Thessaloniki.

In 2022, 62 confirmed cruise arrivals are expected, compared to 17 in 2021.

In addition, the following were presented in detail:

The TPA maintains an adequate financial position and generates new annual cash flows, capable of financing annual operating expenses (OpEx), annual dividend payments and a significant portion of total investment needs (CapEx), in conjunction with future borrowing, when required.

Remains without borrowing (Debt free).

In particular, regarding the capital investment program, OLTH completed significant investments of € 52.4m. from its privatization (March 2018) until March 2022, while an additional amount of € 30-35m. is expected to be executed during 2022, subject to relevant conditions.

The proposed dividend, approved by the Ordinary General Meeting of the year 2021 which will be held on April 21, 2022, amounts to € 1.50 / share compared to € 1.42 / share of the previous year. The future dividend policy of OLTH aims to continue with satisfactory payments, however, taking into account the need for self-financing of a significant part of its investments.

The Management of OLTH focuses on a series of new implementations, indicatively:
-Permanent improvement of the level of service of the Port as a primary space for the handling of conventional cargo and further strengthening of the leading role of Thessaloniki in the Eastern Mediterranean.

-In July 2022, two state-of-the-art crane bridges (STS Cranes) are expected to be fully operational at Pier 6, which are expected to significantly improve the functionality and service of the new arrivals at the Container Station.

-New investments within 2022 for the upgrade and expansion of Pier 6, which will allow the service of Post Panamax ships up to 24 thousand TEUs (currently serving New Panamax ships up to 8 thousand TEUs) and will attract mainline services, (mainliner services) according to the new market conditions.

Installation of new TOS (Terminal Operation System) software for the Container Station, in order to significantly improve operational efficiency.

-Expansion of the Free Zone area.

-Further improvement of the customer-centric policy, the substantial development of new commercial lines, cruising and coastal shipping.

-Finally, development of the so-called “beyond the Port” activities: integration of the Port of Thessaloniki in the supply chain, providing intermodal (intermodal) solutions to and from the main Balkan countries. To this end, a new subsidiary was established in Sofia (100% owned by OLTH) in November 2020, “ThPA Sofia EAD”, while more subsidiaries are expected to be established in the near future.

Source: Capital

You may also like