AS Tallinna Sadam announces its financial results for 2021 Q3
In the third quarter, year on year, the revenue of AS Tallinna Sadam increased, but adjusted EBITDA and profit decreased, the company says in its press release. Revenue amounted to EUR 32 million in the third quarter, increasing by 2% year on year. The Group’s adjusted EBITDA in the third quarter was EUR 17 million (–14%) and the profit amounted to EUR 11 million (–23%). In the first nine months, revenue was EUR 82 million (–1%), adjusted EBITDA EUR 41 million (–11%) and profit EUR 19 million (–16%).
The Group’s results were still strongly influenced by cross-border travel restrictions between countries put in place due to the COVID-19 pandemic, which had a particularly strong effect on the performance of the passenger harbours segment. As a result of the restrictions, passenger numbers dropped sharply year on year, particularly in the first quarter but the figure for the third quarter decreased somewhat as well. The number of port calls by ferries grew slightly year on year and there were also 39 port calls by cruise ships, compared with none last year. In Q3 and 9 months, cargo throughput continued to grow vigorously through growth in liquid bulk, ro-ro and dry bulk cargo.
According to Valdo Kalm, Chairman of the Management Board of Tallinna Sadam, in addition to the significant decrease in the number of passengers caused by the pandemic, the company must also take into account the pressure on the cost base by higher prices for services and steeply rising energy prices, which have a direct impact on the transport sector as a whole. The increase in costs was also due to the lower-than-usual reference base due to the austerity measures implemented in 2020. Last year’s profit was also supported by a one-time profit from the sale of assets, mainly in Paljassaare Harbor. “However, even in today’s difficult situation, a diverse business model will help to maintain strong profits and we will keep the promised dividend level,” said Kalm.
