Feb 26 • 16:47 UTC 🇪🇪 Estonia ERR

Tallinna Port's Profit Increased Last Year

Tallinna Port's profit increased by 17 percent over the past year, despite a slight decrease in revenue due to lower earnings from the icebreaker Botnica's operations.

Tallinna Port reported a profit increase of 17 percent for the past year, highlighting the port's resilience in the face of challenges. Although the revenue dipped by 0.8 percent, primarily due to a shorter operational season for the icebreaker Botnica, critical metrics such as passenger numbers and cargo volume grew by approximately 5 to 6 percent. This performance underlines the port's steady recovery and growing operational efficiency.

The chairman of Tallinna Port, Valdo Kalm, expressed optimism regarding the company's financial outlook, stating that the rise in both net profit and pre-tax profit offers a solid foundation to propose fulfilling their dividend policy during upcoming shareholder meetings. The focus on profitability and dividend payments indicates a commitment to deliver value to investors despite temporary setbacks in specific revenue streams.

Additionally, the construction of a new dock at the Paldiski South Harbour is noted as a significant investment for the year. Real estate development is also projected to commence this year, suggesting a strategic expansion plan. Investment firm Avaron's Rain Leesi considers these results as expected, reflecting a robust performance amidst fluctuating market conditions.

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