According to the unaudited financial results for 2024, Port of Tallinn generated €120 million in revenue over the year, marking a 2.5% increase compared to the previous year. Adjusted EBITDA reached €53 million (+8%), while net profit grew to €19 million (+21%).
“It is gratifying to see that our strong cooperation with clients and partners in recent years has borne fruit,” commented Valdo Kalm, Chairman of the Management Board of Port of Tallinn. “Our results were driven by the continued growth in cargo volumes and passenger numbers, alongside a strategic focus on investment in expansion projects.”
Passenger traffic increased by 3.6% over the year. “We have also seen a rise in cruise ship visits, and the booking trends for the upcoming summer season are positive. The cruise business model is performing increasingly well on a global scale,” Kalm added.
Cargo volumes rose by 4.4% year-on-year, with the strongest growth recorded in container shipments, bulk cargo, and Ro-Ro goods. “Export markets are recovering, and we are seeing positive signs from key countries, particularly Sweden and Finland. Sweden is already forecasting stronger economic growth this year, which could further boost trade activity,” Kalm stated.
Ferry services also set new records, with a 2.1% increase in passenger numbers and a 3.6% rise in vehicle traffic. “A significant milestone was the signing of a contract for mainland-island ferry operations until 2033, ensuring long-term stability and sustainability in our maritime sector,” Kalm noted.
In the fourth quarter, the company generated €29 million in revenue, reflecting a 2.7% increase from the previous year. Adjusted EBITDA for the quarter stood at €12 million (+18%), while net profit surged by 50% to €4 million. “Key highlights of the quarter included the agreement with JetGas OÜ for the construction of a new liquefied methane terminal, the approval of FIN-EST Green Corridor joint projects, and the extension of the cruise season into winter,” said Kalm.
In 2024, the group invested €38.8 million, an increase of €18.1 million (+87%) compared to the previous year. The largest investment was dedicated to continuing the construction of a new offshore wind farm quay at the Paldiski South Harbour. “Paldiski South Harbour is strategically well-positioned, with direct connections to multiple Western European ports, including Sweden, Finland, Lithuania, and Poland, where we see a growing demand for offshore wind farm construction and maintenance services,” Kalm explained.
At Muuga Harbour, the primary investment focused on quay reconstruction to ensure smooth operations for large container vessels. In the Old City Harbour, investments were made in the new A-terminal, its outdoor area, the main building and parking facility, as well as improvements in ferry traffic management and water connection infrastructure.
Considering the company’s continued strong cash flow, the Management Board will propose to the Supervisory Board a dividend payout of at least 70% of the annual profit, in line with the company’s dividend policy. The final decision on dividends will be made at the General Meeting of Shareholders.
(Allikas: https://www.ts.ee/en/port-of-tallinn-increases-revenue-in-2024-profit-rises-by-nearly-one-fifth/)
