HHLA terminals increase profits 164% despite uncertainty

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According to Alphaliner, The Terminal group Hamburger Hafen und Logistik AG (HHLA) has reported a 164% increase in net profit for 2021 to EUR 112.3M, after a modest 2.5% increase in total return for the year.

Volumes handled at the group’s three container terminals in Hamburg increased by 2.2%, while throughput at its international terminals in Odessa, Tallinn-Muuga and Trieste, which HHLA acquired in January 2021, increased by 5.3 %.

The group warned that storage fees, which brought terminal operators good revenue in 2021, are likely to normalize during the second half of this year, while its currently closed terminal in Odessa would go out of business for the time being.

HHLA issued a cautious forecast of a “moderate increase” in group revenue for 2022, but a possible drop in operating profit (EBIT) to EUR175-210M from EUR228M in 2021.
This was based on trends in the “currently foreseeable macroeconomic environment”. However, the lower EBIT would still be above the 2019 result of EUR 124 M.

HHLA will invest between €300-350m in 2022, slightly above the €250-280m forecast for 2021, of which around 90% will go to its port logistics sub-group.

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