Port of Tallinn earned €28.5 million of profit last year despite crisis

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Port of Tallinn Logo Source: (Wikimedia Commons)

The state-owned Port of Tallinn (Tallinna Sadam) saw turnover fall by 18 percent to €107.4 million in 2020. Despite the coronavirus pandemic, the revenue of the company ended up being €28.5 million, which is €36 million less than a year before.

The corrected Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITA) revenue fell by 21 percent to €58.4 million on year. The company's investment volumes increased by 26 percent to €37.1 million over the same period.

In the first quarter, the turnover decreased by 16 percent to €25.3 and the profit decreased by 32 percent to €12.1 million.

Port of Tallinn board chairman Valdo Kalm, said that the coronavirus pandemic's negative effect could primarily be sensed in the passenger port segments, but as a whole, the negative effect could be sensed less than expected.

"The year of 2020 proved the accuracy of contributing to business strategy with dispersed risks and four business models. In a situation where the passenger business decreased by half, we manage the expectations of the investors and continue with the promised dividend policy, which is paying 70 percent of the last year's profit to dividends," Kalm said.

He said that the large decrease in the number of passengers has been compensated by the record cargo volume of the last five years and the sales revenue of passenger ferries and icebreaker Botnica, which have all remained at levels that can be compared to 2019.

Kalm noted that the stable cash flow and the belief in the recovery of the passenger business have made it possible to continue investments in the crisis, especially the construction of the Vana-Sadam.

The Port of Paldiski also falls under the Port of Tallinn's area of responsibility, as well as the main ports in Tallinn itself (ferry harbor, Kopli port etc.) and nearby (eg. Muuga).

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Editor: Roberta Vaino

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