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Port of Tallinn financial results for 2022 Q2 and 6 months

In the second quarter, Port of Tallinn Group’s revenue, adjusted EBITDA and profit increased year-on-year. Group revenue amounted to EUR 30 million in the second quarter, increasing by 25% compared to the same period last year. The group’s adjusted EBITDA in the second quarter was EUR 15 million (+38%) and the profit was EUR 5.1 million (+205%). In the half-year summary, the revenue was EUR 57 million (+16%), the adjusted EBITDA was EUR 16 million (+31%) and the profit was EUR 12 million (+44%).

The Group’s results for the first half of 2022 were strongly affected by the easing of the COVID-19 restrictions and a continuing decline in cargo throughput. As a result of lifting the restrictions and increased passenger confidence, the number of passengers increased nearly threefold in six months, especially on the Helsinki route. The decline in cargo volumes is mainly due to the third consecutive quarter of a decline in dry bulk and liquid bulk cargo volumes. At the same time, ro-ro and container goods showed a considerable increase. In shipping, the strong second quarter was supported by additional voyages of ferry Regula based on growing demand; and chartering of Botnica at the same level as last year.

Valdo Kalm, chairman of the management board of  Port of Tallinn, is pleased that despite the difficult circumstances, the company paid a dividend to the extent promised by the dividend policy. “We continued with the planned investments, and in order to secure future business, we decided to invest in the Paldiski South Harbour by building a new quay for the construction and servicing of wind farms,” said Kalm.

Port of Talinn will present the financial results of the Group at a webinar on 10 August at 11:00 (EET), to attend, please click here. The webinar will be held in English.

(Source: https://www.ts.ee/en/financial-results-for-2022-q2-and-6-months/)

10.08.2022

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