For the third consecutive year, PPA SA achieved the best performance in its history in terms of revenue and profitability. Specifically, total revenues for 2023 amounted to 219.8 million euros, marking an increase of 25.2 million euros or 12.9% compared to the previous year (194.6 million euros in 2022, while in 2021 they were 154.2 million euros). Profit after tax was 66.8 million euros, an increase of 26.3% compared to 52.9 million euros in 2022, an increase of 43.9% compared to 36.8 million euros in the 2021 financial year.
“This dynamic development not only underlines the company’s key role in the European economy, but also significantly strengthens the economic stability of Greece and the societies with which we interact.” PPA CEO Su Xudong states this in his message, in the company’s sustainable development report for 2023. “The company’s development in terms of sustainability is the main objective of its strategy,” the CEO underlines, among other things of PPA and adds: “Our commitment to environmental management is stronger than ever. We have accelerated our efforts to reduce greenhouse gas emissions by investing in appropriate technological solutions.”
According to Su Xudong, “Looking ahead to 2025, we will continue to prioritize sustainable development. Our goals include achieving zero workplace accidents and zero corruption incidents, with the aim of increasing resilience and prosperity. With the same culture and mindset, with methodical and systematic work, with the enormous know-how and experience we have, and above all with the same will and appetite, we will continue to evolve and continuously develop the Port of Piraeus for which we are all very proud and excited today, and will continue to be in the future.”
Cold ironing
PPA SA, through its participation in two EU-funded projects, the EALING programme for passenger ships and the CIPORT programme for berthed cruise ships, has initiated studies for onshore electrification. Initially, it is studying the supply of electricity from land to five passenger ship berths and four cruise ship berths. Technical, environmental and economic studies have been completed for the five passenger ship berths, while the four cruise ship berths are expected to be completed in 2024.
ESG Goals for 2025
For PPA management, “sustainability is the cornerstone of our mission, reflecting our strong conviction that economic progress must go hand in hand with environmental preservation and social equity”.
To this end, the PPA prioritizes two main objectives:
- conduct comprehensive ESG (environmental, social and governance) risk assessments and
- the creation of strong ESG frameworks in their activities.
The investments
At the end of December 2023, the cumulative amount for mandatory investment contracts amounted to approximately EUR 155.5 million. The following projects are permitted to be implemented at the passenger station and the adjacent maritime area:
- Extension of the Piraeus passenger station to the south, creating additional berths for ships.
- Construction of a cruise terminal of approximately 22,000 m2 in the extended passenger station.
- Construction of a 5-star hotel in Porto Leone, measuring approximately 8,000 m2.
- Transformation of the pentagonal warehouse into a cruise terminal.
- Conversion of the “Pagoda” building into a 5-star hotel and conference center.
- Conversion of warehouses into 4 and 5 star hotels.
- Transformation of stone warehouse into museum.
- Dredging of the central port.
- Eco Buses infrastructure, which will support the operation of electric buses.
The following projects are permitted to be implemented in the commercial station and adjacent maritime area:
- Repair of floors, rails and RMG cranes at Container Terminal Station I.
- Underground road connection to the former ODDY vehicle processing station.
- Construction of a new oil pier.
- Development of a logistics center in the former ODDY area.
- Expansion of the Ro-Ro (car) terminal and five-storey parking building on the Heraklion pier.
- Finally, the shipbuilding zone allows for the implementation of facility improvement projects, including, but not limited to, floating tanks and the installation of crane rail systems.