Despite a slight decline in overall seaborne freight volumes at the beginning of 2024 due to the uncertain situation in the Middle East and slower economic growth, the Luka Koper Group’s first half-year report shows a successful result. Earnings before interest and taxes (EBIT) amounted to EUR 37.3 million, 26% above the target of EUR 7.7 million, despite a slight decline in revenue of EUR 1.6 million. The main reasons for the success were the reduction in operating expenses due to lower costs for energy, materials and maintenance services.
Sales revenue amounted to EUR 163.3 million, 1% below target and 3% higher than in the same period last year. Revenue from container packing and unpacking services and additional services increased in particular. At the same time, revenue from warehousing services decreased due to accelerated turnover of goods, and the share of operating expenses increased slightly due to higher labor costs.
Net profit amounted to €32.8 million, 24% above the planned level and 3% higher than the previous year, mainly due to a 180% increase in operating profit from financial activities to €1.9 million. In the first half of 2024, the Container Terminal handled 548,096 TEU, down only 1% compared to the same period in 2023. Although there were delays in sea freight at the beginning of the year, the situation improved by April, and turnover increased by 5% in the second quarter. However, there was a 9% decrease in car handling to 409,460 units.
At the same time, the General Cargo Terminal recorded an increase of 9% due to an increase in the handling of steel products, and the Liquid Bulk Terminal recorded an increase of 4%. In the dry bulk segment, overall handling volumes decreased due to a decrease in coal volumes, but the handling of fertilizers, wheat and phosphates increased. At the beginning of 2024, the Port of Koper began a major investment cycle within the framework of the Strategic Business Plan 2024-2028, adopted at the end of 2023. In April, the construction of solar power plants with a total capacity of 4.2 MW on the roofs of warehouses was completed, the construction of berth 12 at Pier 2 began, and the reconstruction of warehouse blocks and pipelines is ongoing. A total of EUR 20.7 million was invested in the first half of the year. Work has also begun on the construction of additional car parks, a specialized automated warehouse for steel products and the expansion of the northern part of Pier 1.