Luka Koper published their 9M 2021 results last week, showing a 9% YoY increase in net revenue, a 7% YoY increase in EBITDA, and a net profit of EUR 22.5m (+3% YoY)
In 9M 2021, Luka Koper posted sales in the amount of EUR 168.2m, representing a 9% YoY increase. Sales from market activity amounted to EUR 163.4m and were up 9% YoY, whilst revenue from the performance of the public utility service of regular maintenance of port’s infrastructure intended for the public transport amounted to EUR 4.8m and was down 6% YoY. When looking at the throughput, Luka Koper achieved higher throughput in two strategic cargo types, containers, and cars. It should also be noted that the Company achieved higher throughput of dry bulk cargoes (+10% YoY) in comparison with 2020 as well as compared to the plan. In total, the Company had a container throughput of 756k, a 6% increase YoY. At the same time, they had a car throughput of 472k, which is an increase of 11% YoY.
Maritime throughput in tons per cargo groups in 9M 2020 and 9M 2021
On the flipside, in comparison to the previous year, the throughput of liquid cargoes decreased, mostly due to suspension of passenger air traffic and lower volume of throughput of petroleum products due to the COVID-19 pandemic.
Throughput of containers (number containers and TEU) and cars (in units) in 9M 2020 and 9M 2021
EBITDA amounted to EUR 45.6m, representing a 7% increase YoY. This increase can be attributed to higher sales revenue, mostly due to the higher throughput of containers. At the same time, operating expenses increased to EUR 146.9m, a 6% increase YoY, slower than the net revenue from sales growth. The cost of the material decreased, while the costs of services, labour costs, costs of amortization, and other operating costs increased. Cost of services amounted to EUR 42.6m, a 10% or EUR 3.7m increase YoY. This is mostly due to the increase in the cost of port services, which alone increased by EUR 2.1m due to the aforementioned higher throughput. In 9M 2021, labour costs amounted to EUR 63.6m, and were up 6% YoY, mostly due to higher payments for job performance.
Finally, net profit amounted to EUR 22.5m, representing a 3% increase YoY.
CAPEX amounted to EUR 41.1m, a decrease of 18% YoY. This was used to complete the construction of the parking garage for cars, complete the construction of the additional entrance to the Port, as well as other improvements.
Luka Koper Key Financials (EUR)