Port of Tallinn profit €25.6 million last year

Port of Tallinn.
Port of Tallinn. Source: Siim Lõvi /ERR

Port of Tallinn (Tallinna Sadam) turned a profit of €25.6 million in 2022, virtually matching its result from the year before. The management board proposed paying out at least 70 percent of profit as dividends.

The company's sales revenue grew to €121.7 million (by 11 percent), its EBITDA coming to €55.8 million (up 3.3 percent).

Profits grew in the passenger ports and ferries segments but fell in the cargo ports and miscellaneous activities segments. In the ferries segment, which covers the ferry links between mainland Estonia and the islands of Saaremaa and Hiiumaa, the company's EBITDA margin was 42.1 percent and business profit €8.93 million, up from €6.56 million the year before.

Last year's results were affected most by the lifting of pandemic restrictions, which benefited passenger port activities, the company communicated. The total passenger figure grew by 98 percent compared to 2021 to seven million passengers.

At the same time, Russia's war in Ukraine and sanctions hit cargo volumes. Port of Tallinn's total cargo volume dropped by 20.7 percent to 17.8 million tons, while ship visits only contracted by 3 percent to 7,130 visits.

Operating expenses were most affected by high energy prices, more expensive services and salary pressure.

Port of Tallinn CEO Valdo Kam said that the company managed to boost its sales revenue and EBITDA despite the effect of the war and sanctions on its goods business.

"The passenger side of the business has bounced back faster than we expected, and while the war has had a negative effect on liquid goods volumes, we see opportunities elsewhere," Kalm said.


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Editor: Mirjam Mäekivi, Marcus Turovski

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