The Luka Koper Group ended 2024 with good business results. They exceeded most financial indicators, achieving 3% growth in total maritime throughput, 6% growth in container throughput, and 8% growth in the general cargo commodity group. They actively pursued the investments identified in their new strategic business plan and successfully concluded several projects.
The Luka Koper Group completed 2024 above expectations, despite the first months of the year being marked by the Red Sea crisis and a number of uncertainties. Net sales revenue for the year reached EUR 330.1 million, up 6% or EUR 17.3 million on the previous year and 2% ahead of plan. Revenue from maritime cargo handling, container stuffing and stripping services, and other services increased, while storage revenue slightly declined due to a faster turnaround of goods.
Last year, they successfully managed operating expenses, which amounted to EUR 268.6 million, up 4% compared to 2023 and below the planned expenses level. In 2024, additional recruitments led to an increase in labor costs, along with higher depreciation and amortization costs, but lower material costs, service costs, and other expenses.
Earnings before interest and tax (EBIT) in 2024 totaled EUR 67 million, 33% ahead of plan and 10% or EUR 6.1 million higher than in 2023. The Group’s net profit at the end of the year reached EUR 60.3 million, 26% ahead of plan and 7% higher than in 2023. It was positively impacted by a financial result of EUR 5.9 million, 27% higher than in 2023 and 40% higher than planned due to the generation of financial income through interest on funds placed in short-term bank deposits and treasury bills.
Growth in cargo throughput and a new milestone at the Container Terminal
The situation at the beginning of 2024, mainly linked to the crisis in the Red Sea, required a number of adjustments from all those involved in the logistics chain. They had to seek and exploit new business opportunities while maintaining the excellent service that has, for years, consolidated their position as one of the most important ports in the region. The Container Terminal achieved 6% growth with 1,133,340 TEUs, setting a new absolute record for throughput. The Passenger Terminal also set a new record with 125,276 passenger arrivals. General cargo and liquid cargoes also grew, while dry bulk cargoes were slightly down compared to the previous year.
Another challenge in 2024 was the gradual cooling of the global economy and the decline in car sales in key markets, reflected in a 3% decrease in vehicle throughput. They handled a total of 884,666 vehicles, and with 90,548 vehicles handled in November, they improved the previous monthly record achieved in November 2023 by 1,711 vehicles.
“The beginning of the year has been anything but promising, with the escalating conflict in the Middle East and the delay in cargo arrivals by 14 days or more, resulting in slightly lower-than-planned throughput. However, already in April, the situation started to return to normal, with shipowners stepping up their services and ensuring the regular and reliable arrival of ships as well as cargo. This was further boosted by new business for the Port of Koper, linked to the planned construction and fitting out of new production facilities and factories in their hinterland markets. In the light of the circumstances, the results achieved are remarkable. I am pleased that they were able to realize the majority of their investments and to start the development cycle envisaged in their strategic business plan,” said Nevenka Kržan, President of the Management Board of Luka Koper, when announcing the results.
Development orientation of the Port of Koper
In 2024, they launched a number of important investments that will increase their capacity and create the conditions for the planned growth in throughput. These include the construction of a new 12th berth for general cargo and vehicle handling, as well as the 14,000 square meter Warehouse 54, which will be their first largely automated warehouse for steel products. With a solar power plant on the roof, the building will be energy self-sufficient, and the overhead cranes will be electrified to recover the energy saved. Work also started in the summer on the construction of a new 3,000-vehicle storage area (the so-called cassette 6A), which will be ready for use in mid-2025, and in the autumn on the construction of a new Passenger Terminal building.
Construction has started on the northern part of Pier I, which includes new shore structures with two berths with a total length of 326 meters and 7 hectares of storage and handling space. Other major projects to be launched this year or in the coming years include the extension of the parking garage with a capacity of just under 12,000 vehicles, the construction of additional car parking areas (the so-called cassette 7A), and a berth for RO-RO ships.
Image source: luka-kp.si