The Port of Las Palmas earns 34% more in the first half of 2022

Image of the OPCSA terminal, owned by MSC, in the port of Las Palmas. / ARCADIO SUAREZ

La Luz will close its accounts positively this year and at levels similar to those before covid, although activity could suffer in the last part of the year

Silvia Fernandez

Despite the clouds that hang over the world economy, the forecasts of slowdown and even recession in several European economies for next year, the port of Las Palmas maintains its
economic and financial strength in this 2022.

Although a "limited growth" in port traffic is expected at the end of the year, everything points to
the Port will close its accounts in positivegiven the good progress of the first semester.

In the first six months of the year The Port Authority of Las Palmas
billed almost 44.9 million euros, which is 14.5% more than in the same period of 2021, when they were 39.2 million. This increase in income, together with a decrease in expenses, produced a
profit of 15.1 million euros.

The figure represents 34% more than a year before, which in absolute terms, represents almost four million more than a year before in the semester.

positive income statement

According to the Port Authority's profit and loss account, revenues grew by almost six million euros (up to 44.9 million) thanks mainly to the
occupancy rate. The arrival of new tenants at the Port in recent months has generated almost two million euros more in business. Thus, the occupancy rate has generated 14.4 million euros this year compared to 12.6 a year earlier.

The
passage fee It also grows by almost one million euros thanks to the increased movement of passengers in 2022, to generate 2.2 million euros.

Despite the bonus that the
ship ratethis year the Port has invoiced almost 500,000 euros more for this concept, up to 12.5 million while that of merchandise, also subsidized, falls slightly to 3.7 million euros due to less movement.

Revenues grew despite the cut in funds that came through the
Interport Compensation Fund (FCI), which did not reach 700,000 euros despite the fact that in 2021 the figure was close to three million.

Billing levels similar to 2019, before covid

If the forecasts and the turnover of the first half of the year are maintained in the second part of the year, the Port could close close to 80 million euros in 2019.

On the cost side, the Port has managed to cut them thanks to the new service specifications, such as that of Marpol. According to the president of the Port Authority, Luis Ibarra, this has meant "significant savings" of what is paid in waste. The
personal of the Port Authority remains with 8.3 million euros while the
operating expenses amount to 13.3 million.

Among these, the decrease in the payment of the Real Estate Tax (IBI) should be highlighted. In the first half of this year, the Port paid 672,000 euros compared to 913,000 in the same period in 2021.

The financial cost of the Port Authority has also decreased, which contributes to the better results. Of the 146 million euros that were owed in 2011, it has gone in just over ten years to about 20 million. In this sense, as explained by the president of the Port, the objective is to continue paying from 2023 around six million annually and three between 2026 and 2027 to reach that year with zero
debt. At the same time, the Port wants to continue reducing rates to gain competitiveness.

New digital tool

The Port Authority of Las Palmas yesterday held a workshop aimed at the actors linked to the activity of the
'bunkering' and in which the N-Bunker digital tool was presented, with which it is intended to reduce the delays of this operation. The tool is in the development phase and contributes to maritime decarbonization by reducing waiting times for 'bunkering'.