Ashdod Port doubles profits in 2021

The Ashdod Port Company has reported impressive financial results despite the ongoing COVID-19 crisis – posting an increase in operating profit of 142 per cent in 2021 and achieving record-breaking figures in container handling.

The total operating profit for 2021 amounted to NIS 195 million ($56.6 million), while the company’s revenues amounted to NIS 1.2 billion ($348.8 million), an increase of 13.5 per cent compared to 2020.

Ashdod Port reported that the rise was influenced by an increase in the volume of cargo – and an increase in the volume of full containers, vehicle imports, and general cargo particularly.

The company has recorded an all-time record for Israeli ports handling a total of 1.6 million TEU, breaking its previous record of 1,584,000 TEU in 2020.

The total volume of goods handled by Ashdod Port in 2021 was valued at NIS 129.5 billion ($37.6 billion).

Looking at the fourth quarter of 2021, net operating profit reached NIS 69 million ($20 million), an increase of 74 per cent compared with the previous quarter.

The company’s fourth quarter revenues amounted to NIS 317 million ($92 million), an increase of 10 per cent, while the net profit for Q4 2021 increased by 32 per cent compared to the third quarter and stood at NIS 63 million ($18.3 million).

Chairwoman of the Board, Orna Hozman Bechor, acknowledged the impressive results in face of global disruption: “The corona crisis has affected the world economy in general and the Israeli economy in particular.”

“Over the past year we faced challenges arising from the global crisis that led to a dramatic increase in demand and congestion at seaports in Israel and globally.”

Shiko Janna, CEO of the Port of Ashdod, added: “During the year we recruited dozens of new employees to boost our ability to handle heavy loads and continued to develop our infrastructures. We have signed a historic efficiency agreement and strengthened our innovation and technological development arms.”

“All of these actions will help us maintain the relative advantages of the Port of Ashdod over the new ports and will continue to strengthen our status as Israel’s port.”
https://www.porttechnology.org/news/ashdod-port-doubles-profits-in-2021/