Port of Tallinn made EUR 31.2 million dividend payment to the state budget

The state-owned company Port of Tallinn transferred on December 1st to the Estonian state budget a dividend payment in the sum of EUR 31.2 million; together with the income tax the total sum of the payment will be approximately EUR 39 million.

“According to the decision of Port of Tallinn’s general assembly this year’s dividend payment was EUR 31,192 million to which a sum of EUR 7,798 million of income tax will be added,” said Mr. Marko Raid, the temporary Chairman of Port of Tallinn’s Management Board. “The total sum of Port of Tallinn’s dividend payments this decade has exceeded EUR 152 million and income tax payments EUR 40 million,” added Raid.

Port of Tallinn’s operating costs in 2014 amounted to a record-breaking numbers of EUR 110.8 million of operating revenues and EUR 52.7 million of operating profit. Company’s net profit was EUR 38.3 million resulting EUR 1.3 million less than in 2013. The decrease was caused by the increase of income tax expense that was related to the previous record-breaking dividend payment of EUR 42 million to the state budget.

Port of Tallinn is the biggest port authority in Estonia including both, cargo and passenger harbours. The state-owned company consists of five constituent harbours: Old City Harbour, Muuga Harbour, Paldiski South Harbour, Paljassaare Harbour and Saaremaa Harbour. 

Port of Tallinn is also the owner of icebreaker Botnica that is used by the Estonian Maritime Administration during the icebreaking season under a service agreement. Starting from October 2016, Port of Tallinn will start operating ferry traffic between Estonia’s largest islands and the mainland.