PortsToronto releases 2022 Annual Report and Financial Statements
Despite a slow start due to the ongoing impacts of the pandemic on operations at Billy Bishop Airport, PortsToronto’s results improved mid-year to drive an overall positive year financially, according to the company's release. PortsToronto reported strong operating revenues of $65.4 million in 2022, an increase of $25.7 million over 2021 revenue of $39.7 million, and had a net income from operations of $30.4 million, versus $10.0 million in 2021, an improvement of $20.4 million year-over-year.
The marine Port of Toronto experienced a strong year in 2022 and, for the sixth consecutive year, moved more than 2 million metric tonnes of bulk and general cargo products through the port. There were 191 ship visits in 2022, bringing sugar, salt, cement, aggregate and steel directly to the heart of the city. In 2022, the Port also saw the arrival of another bridge span from Nova Scotia via tug/barge for Waterfront Toronto’s Port Lands Flood Protection project.
Passenger cruise ships returned to the Port of Toronto in 2022, after two years of suspended operations due to the pandemic. The 2022 season welcomed a record 40 cruise ships to Toronto, bringing almost 13,000 passengers to the city to enjoy its attractions, theatre, shopping and restaurants, and contributing to the city’s economic recovery. As such, the port and its activities reported operating income from all sources of $6.2 million, up from 2021 that recorded $5.5 million.
The Outer Harbour Marina likewise experienced another strong year in 2022. Demand for winter storage remained high in the 2022-2023 winter season, and summer berthing renewals resulted in a 100 per cent occupancy level. The Outer Harbour Marina’s operating income was $2.8 million in 2022 on revenues of $6.1 million.
PortsToronto owns and operates Billy Bishop Toronto City Airport, which welcomed approximately 2.8 million passengers in 2019; the Outer Harbour Marina, one of Canada's largest freshwater marinas; and the marine Port of Toronto that includes businesses in a variety of sectors including marine shipping, cargo services, media production and passenger cruises.
