The Port of Aberdeen sees turnover rise to £50.7 million in a challenging economic landscape.
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Turnover Growth Amid Economic Challenges
The Port of Aberdeen has announced a remarkable turnover of £50.7 million for the fiscal year 2024, marking a 10.5% increase from the previous year’s £45.9 million. This growth is attributed largely to the successful completion of the £420 million South Harbour expansion, which opened its doors in August 2023.
Despite the positive turnover figures, the port’s pre-tax profits experienced a decline, dropping from £21.2 million in 2023 to £16.5 million in 2024. Chief Executive Bob Sanguinetti characterized the year as a “successful year’s trading,” emphasizing the resilience of the port amidst global economic pressures.
Increased Vessel Traffic and Passenger Numbers
In addition to turnover growth, the Port of Aberdeen has seen a significant increase in vessel traffic, with total vessel arrivals rising by 2.6% to 7,128 in the past year. This surge in activity has made Aberdeen the largest port in Scotland by berthage. The port also welcomed over a million gross tonnes of vessels for the first time, bringing more than 24,000 cruise ship guests to the region. Furthermore, passenger numbers on ferries to and from Orkney and Shetland increased by 2.8%, reaching 207,318. These figures highlight the port’s growing significance as a key maritime hub in the UK.
Future Outlook and Strategic Opportunities
Despite the challenges posed by rising energy costs and a persistent inflation rate, Sanguinetti remains optimistic about the future. He noted that the diverse nature of the businesses supporting the port’s operations has contributed to its strong revenue performance. However, he acknowledged the impact of the Government’s windfall tax on oil and gas activities, which account for nearly two-thirds of the port’s revenue. Sanguinetti expressed a vision for the Port of Aberdeen to become an international hub for offshore wind energy, provided there is adequate policy and investment support. He stated, “With the right policy and investment support, we can become an international hub for offshore wind – supporting the accelerated growth of this key sector whilst continuing to support existing customers to develop and grow their business.”
Conclusion
As the Port of Aberdeen navigates a complex economic landscape, its ability to adapt and grow is evident in its financial performance and increasing traffic. The successful expansion of the South Harbour has positioned the port for future opportunities, particularly in the burgeoning offshore wind sector. With strategic investments and supportive policies, the Port of Aberdeen is poised to continue its trajectory of growth and innovation in the maritime industry.
