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Home Port News HHLA kicks off 2022 with strong financial results despite operational challenges

HHLA kicks off 2022 with strong financial results despite operational challenges

The German port operator Hamburger Hafen und Logistik AG (HHLA) has recorded strong performance during the first three months of 2022, reporting increased revenue of €386.2 million, EBIT of €53.7 million and profit after tax and minority interests of €22.8 million.

Angela Titzrath, chairwoman of HHLA’s executive board, said that "irrespective of the difficult, unsettling times, HHLA got off to a good start in the 2022 financial year."

While all of the company's segments contributed to the positive revenue performance, the increase in the group operating result (EBIT) was essentially due to a further rise in storage fees in the container segment and a further increase in the rail share of HHLA’s total intermodal transportation, according to a statement.

In the container segment, box throughput increased by 3.7% to 1.74 million TEU in the first quarter of the year, a result mainly driven by an increase in the Far East shipping region, and especially China. In addition, the acquisition of a feeder service for the Baltic Sea region in the third quarter of 2021 and another two services in the first quarter of 2022 led to strong growth in feeder traffic volumes.

On the other hand, Russia-related container volumes have expectedly decreased as a result of the sanctions imposed by the European Union.

Moreover, the container segment's revenue rose significantly year-on-year by 9.2% to €216.4 million in the first three months of 2022 and the EBIT climbed by 15.5% to €37.8 million.

In the first three months of the 2022 financial year, there were no new important events to necessitate any change to the expected course of business in 2022.

"The existing uncertainty on the global markets created by the coronavirus pandemic has been further amplified by the escalation of the Russia-Ukraine conflict," noted Titzrath, who added, "despite the challenges facing us, we will decisively and consistently seize the opportunities of the digital transformation and the drive towards climate-neutrality so that we can continue to strengthen HHLA’s future viability."

Antonis Karamalegkos
Managing Editor

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