Port Group continued to deliver good financial performance in 2023

Annual report

Port of Turku Ltd is a limited liability company wholly-owned by the City of Turku. The company operates in maintenance of the port infrastructure and other service and rental business related thereto. The Port of Turku Group comprises of parent company Port of Turku Ltd and its subsidiary Turku Free Zone Company Ltd. Turku Free Zone Company Ltd is a warehousing and logistics company that specialises in imports and exports with customs warehouse I status in its entire area. The company operates in free zone storage and warehouse logistics.

The Port Group’s turnover for 2023 stood at 23.6 million euros, and operating profit amounted to 6.0 million euros. The good financial performance was affected by the decrease in the parent company’s depreciation, savings in personnel expenses, and the subsidiary’s successful prospecting of new customers. Turnover of parent company Port of Turku Ltd fell on the previous year to stand at 22.4 million euros, down by 8.3 per cent. Subsidiary Turku Free Zone Company Ltd had a good year. Turnover increased as a result of proactive prospecting of new customers by 23.4 per cent to 4.3 million euros.

The Port Group’s investments totalled 4.5 million euros. The most important investments were the planning work related to the Ferry Terminal Turku project, and the improvement of the Perno fairway.

Turnover and operating profit, million euros
Investments, million euros
2024 is expected to be like the previous year

The outlook for the global economy in 2024 is uncertain, although the economic cycle is expected to turn to a rise during next year as a result of the slowing down of the inflation and the fall of interest rates. Port of Turku Ltd’s cargo and passenger volumes are estimated to be at the level of 2023.

A new decision was sought for the overall financing of the Ferry Terminal Turku project from the owner in early 2023. However, the port enterprise had to interrupt the project due to a legal dispute as a complaint was filed concerning the town plan for Ferry Terminal Turku. Turku Administrative Court rejected the complaint by its resolution, and the planning of the project continued as the town plan gained legal force on 16 December 2023. The project is now expected to be completed by the end of 2027.

The outlook for subsidiary Turku Free Zone Company Ltd and the demand for warehousing services is positive. After a year of strong growth, the increase of the company’s turnover is expected to settle at its current level, and the goal is to keep the financial structure at the current, excellent level.

Read the full annual report 2023 (pdf).


Text: Kari Ahonen
Photo: Jarmo Piironen