WOOD Flash – Piraeus Port Authority: impressive set of 1H18 results, on track for our bullish full-year estimates
On 26 September, Piraeus Port Authority reported solid 1H18 results, above our estimates. Revenues rose by 22% yoy, reaching EUR 63.5m vs. our estimate of EUR 58m. 1H18 appears to have been a very efficient half, with profitability of EUR 26m, recording an increase of 70%, while exceeding our EUR 21m estimate. Pre-tax profit more than doubled, up 117%, while the bottom line hit a record-high, rising by 200% to EUR 13m, vs. our estimate of EUR 8m for 1H18.Piraeus Port Authority SA is a Greece-based company engaged in the management and operation of Piraeus port. The main activities of Piraeus Port Authority SA are ships' anchoring services, handling cargo, loading and unloading services as well as goods storage and car transportation. The Company is also responsible for the maintenance of port facilities, the supply of port services (water, electric current and telephone connection, among others), for services provided to travelers and for renting space to third parties. Piraeus Port Authority SA has two wholly owned subsidiaries, Nafsolp SA and Logistics OLP SA. Nafsolp SA is mainly engaged in ship repairing services and Logistics OLP SA is mainly engaged in the development of combined transportations as well as port facilities and services.
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