The Luka Koper Group ended 2024 with good business results. We exceeded most financial indicators, achieving 3% growth in total maritime throughput, 6% growth in container throughput and 8% growth in general cargo commodity group. We have actively pursued the investments identified in our new strategic business plan and we successfully concluded several projects.
The Luka Koper Group completed 2024 above expectations, despite the first months of last 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 were up, while storage revenue was slightly down due to a faster turnaround of goods.
Last year, the company 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 labour costs, higher depreciation and amortisation costs, but lower material costs, cost of services and other expenses.
Earnings before interest and tax (EBIT) in 2024 totalled 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, which was mainly linked to the crisis in the Red Sea, required a number of adjustments from all of us involved in the logistics chain. We had to seek and exploit new business opportunities, while maintaining the excellent service that has for years consolidated our position as one of the most important ports in the region. The Container Terminal achieved a 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 represented by the gradual cooling of the global economy and the decline in car sales in key markets, reflected in a 3% decrease in vehicle throughput. In 2024, we handled a total of 884,666 vehicles, and with 90,548 vehicles handled in November, we improved by 1,711 vehicles the previous monthly record achieved in November 2023.
“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 our hinterland markets. In the light of the circumstances, the results achieved are remarkable. I am pleased that we were able to realise the majority of our investments and to start the development cycle envisaged in our 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, we have launched a number of important investments that will increase our 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 metre Warehouse 54, which will be our 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 metres 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 thousand vehicles, the construction of additional car parking areas (the so-called cassette 7A) and a berth for RO-RO ships.
