Port of Aberdeen has reported its best financial performance in its 888-year history.
The UK’s oldest business saw pre-tax profits surge by more than 25% to £21.2 million last year, from £16.9m in 2022. Turnover rose by 17% to £45.9m, from £39.1m in 2022.
As a trust port, all profits are reinvested.
Accounts for Port of Aberdeen also show its best-paid director, likely to be chief executive Bob Sanguinetti, received a pay package worth £308,000 last year – up from £235,000 in 2022.
Bosses at the historic business said its latest figures were boosted by the £420m South Harbour expansion, completed last August.
And they called for more support from the public and private sectors to help the enlarged facility achieve its “full potential”.
According to the port’s trustees, further investment could support 17,500 jobs and contribute £2.4 billion, in gross value added terms, to the Scottish and UK economies.
As the energy transition gathers pace, further partnership with government and industry can drive the nation’s economic growth and decarbonisaton.” – Bob Sanguinetti, CEO, Port of Aberdeen
Mr Sanguinetti said: “South Harbour was pivotal to delivering a record financial performance in 2023.
“We welcomed large jack-up rigs, cargo vessels and cruise ships that would have previously sailed by the city.
“Our focus now turns to consolidating business with existing customers and securing opportunities to further diversify and grow in energy, trade and tourism.”
This morning, it was our pleasure to welcome @AndrewBowie_MP and provide him with an overview of the pivotal role that Port of Aberdeen will play in driving economic growth and the energy transition in the UK.#economicgrowth #energytransition #portofaberdeen #southharbour https://t.co/hRTyeQVHQY
— Port of Aberdeen (@PortofAberdeen) May 10, 2024
The port’s CEO added: “We have invested almost half a billion pounds to ensure Aberdeen is a world-class port that creates prosperity for generations. As the energy transition gathers pace, further partnership with government and industry can drive the nation’s economic growth and decarbonisaton.
“Floating offshore wind was in its infancy when the South Harbour expansion was planned. Today, with 17 gigawatts of projects approved off Scottish coasts, Aberdeen can become a leading hub for the assembly, integration, and maintenance of turbines.
“By upgrading this strategic asset, including a capital dredge project, Port of Aberdeen will support the transition of jobs and skills from oil and gas to renewables for decades to come.”
Aberdeen has a “pivotal” role in energy transition, Mr Sanguinetti said, adding: “With further support, we can roll-out shore power across the port and accelerate collaboration on infrastructure for future green fuels. Incentives, investment, and supportive legislation will ensure that Aberdeen, along with ports across the country, can play their part on the road to net-zero.
“Thanks to the foresight of our predecessors and the dedication of our port team, we are ideally positioned to partner with our public and private sector partners and compete for these transformative opportunities that will benefit Scotland and the wider UK economy.”
Vessel arrivals at Port of Aberdeen, which is now the largest port in Scotland by berthage, increased by 2% to 6,948 last year.
Total vessel and cargo tonnage rose by 6.5% to 29.5 million tonnes.
Passenger numbers on the ferries to and from Orkney and Shetland increased to 179,166, up 11% back to 1136.
Houdini and nearly 900 years of business history at Port of Aberdeen
First established as a business in 1136 by King David I of Scotland, the harbour has been a major hub of fishing, shipbuilding, textiles and the global transportation of stone from Aberdeen’s famous quarries, as well as for oil and gas.
It even once played host to the world’s best-known escapologist, Harry Houdini/
He dived into the chilly North Sea in chains and handcuffs before emerging unscathed back in 1909.
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