Full Year 2024 Tallinna Sadam AS Earnings Call Transcript
Key Points
- Tallinna Sadam AS (OTSE:TSM1T) experienced a 12% growth in cargo volumes, driven primarily by dry bulk.
- Passenger business showed significant growth, with a 14% increase in Mugaboza and reaching 200,000 customers annually.
- The company signed an agreement with EFAS for the development of a new liquid metal terminal, indicating future growth potential.
- The launch of a tramline for the old city harbor improved customer journey and accessibility.
- Operating costs were successfully decreased due to an intensive efficiency plan, contributing to better financial performance.
- Revenue from charter fees decreased due to fewer charter days for the icebreaker Ponika.
- Sale of electricity revenue decreased because of lower electricity prices.
- The company faced court cases, although some were resolved positively, indicating ongoing legal challenges.
- Despite overall growth, liquid bulk cargo did not see an increase, highlighting a potential area of concern.
- The real estate market remains challenging, impacting the company's plans to start its real estate business.
Good Morning. They're investors.
Welcome to our webinarium about Q4 and the full year results. My name is Vando Kalum. I'm CEO for the company and Andrea is our CFO. Good morning.
First of all, the main events are usually in 4.
We had a good growth in cargo volumes.
12% And the biggest driver for that was dry bulk.
Then containers also, and it's important to mention that there was quite a good increase of ship costs around 18%.
Also, we had quite a nice volumes in passenger business.
Both, in Helsingerro and Stockholm, but in Mugaboza, the growth was even 14%.
And a yearly basis, it reached 200,000 customers.
Then we had quite a special preseason.
And we had a couple of Cruises during the winter and Christmas time in our port.
That's important. Hopefully that will continue in next seasons also.
And then was signed in Q4 agreement with EFAS for development of new liquid metal terminal in in Muga port.
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