Piraeus, July 15th 2021
PPA S.A.: Ordinary General Meeting completed - positive 2020 performance despite the pandemic
July 15, 2021. PPA S.A. has conducted today the Ordinary General Meeting of Shareholders which had the necessary quorum of shareholders with a participation at 82,36%.
During the General Assembly the Annual Financial Statements of PPA S.A. and the distribution of dividend for the fiscal year 2020 have been approved. It should be noted that following the Board of Directors proposal the dividend amounts to € 0.40 per share.
Main highlights of the 2020 Annual Financial Statement was the turnover totaled 132.9 million euros, the profit before taxes at 36.9 million euros and the profit after taxes at 26.4 million euros. The cash flow showed an increase to 111,4 million euros, while bearing in mind that in 2020 PPA S.A. proceeded to contracted investments of the total amount of 211.7 million euros. The total company expenses in 2020 were down to 93.7 million euros versus 102.7 million euros in the previous year, showing a decline of 8.8%, despite unchanged personnel remunerations and expenses at 58 million euros. It is worth noting that PPA S.A. during the fiscal year 2020 paid € 4.8 million concession fee to the Greek State.
PPA’s Chairman Mr. Yu Zenggang, who chaired the General Meeting acknowledged the contribution of all company staff to the hard-won positive financial outcome of the year 2020, despite the negative impact of the Coronavirus pandemic, and said that PPA S.A. will continue delivering a successful financial performance, but also upgrading the Port of Piraeus into one of the top Ports in the world. He added “we have put the Piraeus Port on a long-standing profitable growth path. From once a local port, the Greek Port is now a recognized shipping global hub, ranking in the first places on a European level, gaining a position next to the traditional leaders and has become the leading European port in the Mediterranean.”
Piraeus Port Authority SA is a Greece-based company engaged in the management and operation of Piraeus port, Greece largest post. The main activities of Piraeus Port Authority SA are ships’ anchoring services, handling cargo, loading and unloading services as well as goods storage and car transportation. The Company is also responsible for the maintenance of port facilities, the supply of port services (water, electric current and telephone connection, among others), for services provided to travelers and for renting space to third parties. The main shareholder of Piraeus Port Authority SA is COSCO SHIPPING with a stake of 51 percent, one of the world's largest maritime operators.