Greece’s Chinese-run Piraeus port hits record profit for 2021
The annual turnover of the Chinese-run Piraeus Port Authority S.A. (PPA S.A.) in Greece in 2021 reached 154.2 million euros ($168.9 million), 16 percent more than in 2020, as the port recorded record annual profits, a company statement said on Monday.
Profit before tax amounted to 49.2 million euros ($53.99 million), up 33.3 percent year-on-year; profit after tax reached 36.8 million euros ($40.38 million), up 39.4 percent; and the proposed dividend per share was 0.63 euros ($0.69), up 57.5 percent, according to the Chinese-controlled company.
It is the highest profit ever recorded in the company’s history, the statement said.
Compared to 2020, Pier I of the Piraeus container terminal handled 13.9 percent more 20-foot equivalent units (TEUs) and the car terminal 40.6 percent more vehicles in 2021.
The cruise terminal facilitated 379 cruise vessels and the ship repair docks served 16.5 percent more vessels.
“The continuous increase in the company’s turnover despite the difficulties we have all faced in the past due to the pandemic reveals a highly resilient company built on solid foundations,” Yu Zenggang, PPA’s chairman, said.
Key link in China’s Belt and Road Initiative
China’s COSCO Shipping acquired the majority of PPA’s shares in 2016 after an international tender, and the Port of Piraeus near Athens has since become one of the most critical links in China’s Belt and Road Initiative (BRI).
Thanks to the BRI proposed in 2013 by Chinese President Xi Jinping, who visited Piraeus in November 2019, the ancient port is bustling with fresh vitality and eyeing a promising future.
Over recent years, with the BRI gaining steam around the world, fresh vigor has been injected into the growth of the port, which has become a flagship project in China-Greece cooperation and a success in global BRI collaboration.