Luka Koper Publishes H1 2021 Results

Luka Koper published their H1 2021 results last week, showing a 7% YoY increase in revenue, a 3% YoY increase in EBITDA and a net profit of EUR 15m (+2% YoY).

In H1 2021 Luka Koper posted sales in the amount of EUR 114.7m, representing a 7.4% YoY increase. Sales from market activity amounted to EUR 111.1m and were up by 8% YoY, whilst revenue from the performance of the public utility service of regular maintenance of the port’s infrastructure intended for the public transport amount to EUR 3.6m and were down by 7% YoY.

Throughput wise, Luka Koper achieved higher throughput in two strategic cargo types, containers and cars. Note that the increase came despite the ongoing COVID-19 pandemic, and that Luka Koper even set a new monthly record in container throughput during March, when 97,101 TEU container units were transhipped. The growth in the containers throughput resulted from the increase in consumption, mainly in electronics and other household goods, and partially due to the new growth of the production in the car industry. Meanwhile the number of car units transhipped increased by 22% YoY as a result of increased sales of cars in the European Union.

Maritime throughput in tons per cargo groups in H1 2020 and H1 2021

On the flip side, dry and bulk cargo fell 5%, mostly due to the loss of the thermal coal throughput for Italian thermal power plants. The use of the latter in compliance with the EU legislation which provides for complete decarbonisation in the coming years, continues to fall.  Meanwhile liquid cargoes were down by 10% YoY, mostly due to the total cessation of the air traffic and lower volume of the petroleum products due to the Covid-19 pandemic impact.

Throughput of containers (number containers and TEU) and cars (in units) in H1 2020 and H1 2021

EBITDA amounted to 32.4m which represents a 3.6% YoY increase. Note that the increase came as a result of higher sales, mainly due to the higher throughput of containers. In OPEX, the cost of material and other operating costs decreased, whilst the costs of services and labour costs increased. Within the costs of services, the concession fees and cost of other services increased in comparison with the previous year. In H1 2021, labour costs amounted to EUR 39.4m (+7% YoY). This was due to higher payment for job performance and due to 0.3% adjustment of salaries for inflation from August 2020 onwards.

Finally, net profit amounted to EUR 15.7m, representing a 2.2% YoY increase.

CAPEX amounted to EUR 30.1m, representing an 84% YoY increase and was used to complete the construction of the parking garage for cars and the construction of the additional entrance to the Port, as well as other improvements.

Luka Koper Key Financials (EUR)

Filip Gracin
Category : Blog

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