Port’s finance were stable

Port of Turku Ltd is a limited liability company wholly-owned by the City of Turku. The Port Group comprises of parent company Port of Turku Ltd and its subsidiary Turku Free Zone Company Ltd which operates in free zone warehousing and logistics, and specialises in imports and exports.

Annual report

The finances of the Port Group remained stable despite the challenging year. The satisfactory result was affected particularly by the increase in cargo transports, enhanced own operations, and high demand for logistics warehousing services. Strict monitoring and cutting of costs, and the entry of negative consolidation difference also contributed to the result.

The Port Group’s turnover stood at 24.8 million euros. Consolidated operating profit stood at 4.6 million euros. The Port Group’s investments totalled 6.7 million euros. Turnover of parent company Port of Turku Ltd decreased by 7.6 per cent on the previous year and stood at 21.9 million euros. The most important investments were the continuing investments related to the NextGen Link, renewal of the CCTV system, repairs on the field areas in the passenger harbour, and the raising and adjustments of the field area in the West Harbour.

A letter of intent on the sale of the crane operations was signed on 31 December 2020 with Turku Stevedoring Oy. Through the sale the Port of Turku aims at enhancing its operations and focusing on its own core business. According to the letter of intent, the sale of the business operations is set to be implemented on 1 March 2021.

The year 2020 was a good one for subsidiary Turku Free Zone Company, although the markets were disturbed by problems with availability of components and closing of factories around the world due to the coronavirus pandemic. The business operations developed favourably throughout the year, especially in warehousing and logistics services. Turnover stood at 2.9 million euros, up by around 10.7 per cent on the previous year.

Outlook for 2021 is uncertain

In 2021, economic growth is expected to slow down and stand at just over one per cent. The biggest cargo flows in Southwest Finland comprise of products of maritime technology, automotive industry and machine technology, as well as retail and online trade items. The cargo transports in the Port of Turku are anticipated to follow the development of Finland’s export markets in general. If economic activity decreases, it will have a direct effect on the import and export transports of goods.

Passenger traffic is expected to recover after summer 2021 depending on getting the prevalent pandemic under control. Key issues in the development of the Port’s operations in 2021 are preparing for the arrival of Viking Line’s new vessel at the beginning of 2022 and for the changes required by the planning of the entire passenger harbour area, as well as further development of own operations. Turku Free Zone Company Ltd’s operations in 2021 will focus on improving the quality and efficiency of basic services.

Read the full annual report 2020 (pdf).

Text: Kari Ahonen