On April 21st, 2021, the BoD of ThPA S.A. approved the 2020 Annual Financial Report for the Fiscal Year 2020 financial results and activity of ThPA S.A. resulting in increased revenue and profit.
The total revenue increased from € 68,9 mil. in 2019 to € 71,7 mil. in 2020 showing an increase of 4% mainly due to the results at the Container Terminal.
The increased throughput in the Container Terminal resulted in an increase in revenues by 11,3% over the previous year, from € 44,7 mil. in 2019 to € 49,7 mil. in 2020. The main drivers for the increased revenue – despite the negative effects of the pandemic – remained the implementation of improved export procedures, the better handling of the clients and the pricing restructuring actions, recently implemented by the new Management of the Port.
Regarding the Conventional Cargo Terminal, the effects of the pandemic were more significant, resulting in a decrease in total volumes by 16,3%, from 4.469k tons in 2019, to 3.741k tons in 2020, thus lowering the Conventional Port revenues by 9,3%, from € 22,3 mil. in 2019 to € 20,2 mil. in 2020.
Gross Profits increased from € 32,2 mil. in 2019 to € 33,9 mil. in 2020, representing a total increase of 5,3%. The margin ratio improved slightly (46,7% in 2019 and 47,3% in 2020), considering however a change that took place within 2020 in the useful life of certain assets in machinery, that led to a positive effect of lower depreciation charges by € 0,88 mil. in 2020, compared to the previous year.
Net Profits after tax increased by 22,1%, from € 16,45 mil. in 2019 to € 20,10 mil. in 2020, forming the Net Profit Margin from 24% in 2019 to 28% in 2020. Net profits were significantly influenced positively by two main factors, the positive change in the total depreciation charges described above by € 0,88mil. and the reversal of tax provisions by € 1,42 mil., the latter as a positive result of the favorable recent decision from the Administrative Court of Appeal regarding tax audits for the years 2005-2011.
The proposed dividend per share amounts to € 1,42.
Regarding capital expenditure plan, ThPA S.A. has completed significant investments of € 8,1mil. in 2020, approximately € 11mil. within 2021, while additional € 25mil. is expected to be executed during 2021, a satisfactory performance towards gradually meeting its strategic targets.