State Raking in Port Profits ({{commentsTotal}})

Port of Tallinn
Port of Tallinn Source: Photo: Postimees/Scanpix

The Port of Tallinn will pay 53 million euros in dividends and income tax, from a turnover of only 102 million euros.

Net profit was nearly 40 million euros in 2013. 

Postimees reported today that turnover increased by 13 million in a year, but dividends and tax takings doubled for the state - despite cargo volumes dropping by a fourth during the same period.

The results were achieved due to switching the business model and adding more value to transit goods, with the motivation behind the switch stemming from 2009. That was the year Russian President Vladimir Putin fell out with his Belarusian counterpart and Belarus began importing oil from Venezuela with only Port of Tallinn having the capability to transport oil from ships to shore, not the usual trains to ships.