Port of Tallinn sees record €44.4 million profit in 2019 ({{contentCtrl.commentsTotal}})

Muuga Harbour.
Muuga Harbour. Source: AS Tallinna Sadam

The Port of Tallinn's profits reached an all-time high in 2019 at €44.4 million, an increase of €20 million on the year before. This was mainly due to a decrease in income tax on dividends.

Total revenue for the year was €130.5 million and adjusted earnings before interest, tax, depreciation and amortization (known as EBITDA) were €74.3 million, remaining at the previous year's level. 

In the fourth quarter (October, November and December), both Port of Tallinn sales revenue and adjusted EBITDA increased. Revenue was €30 million, an increase of 1.5 percent, and adjusted EBITDA was €4.8 million, up by 1.1 percent.

Chairman of the Management Board of the Port of Tallinn Valdo Kalm said the year 2019 was an eventful one for the Port of Tallinn and changes in direction also affected the financial results of the company.

"The year's results were significantly influenced by the record passenger numbers, the rapid development of the Muuga-Vuosaari route, the increase in dry bulk volumes supported by the good grain year, the longer summer working period of icebreaker Botnica in northern Canada and the and the general decline and the regular docking of several passenger ships at the beginning of the year," Kalm said.

The cargo volume of the Port of Tallinn was 19.9 million tons, a decrease of 3.3 percent compared to the previous year, and the number of passengers handled grew by 0.2 percent reaching a record 10.64 million passengers. 

Investments of the Port of Tallinn Group for the fourth quarter of 2019 amounted to €10.7 million and investments for the whole year were €29.5 million, which was more than twice as much in the previous year. Investments in 2019 continued to be mainly related to the Tallinn's Old City Harbor, where the reconstruction of passenger terminal D, construction of shore-side electricity supply for passenger ships and he co-financing of the construction of Reidi Road continued.

In addition to the parent company, AS Tallinna Sadam Group includes its subsidiaries TS Shipping OÜ and TS Laevad OÜ and its associate AS Green Marine. 

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Editor: Helen Wright

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