Strong finish ensures satisfactory financial result at Port of Aalborg

2023 was the first full year without Greenlandic ships in Aalborg. This logically led to a challenging start to the year. Nevertheless, Port of Aalborg achieved a satisfactory financial result for the year as a whole.

Revenue lands at DKK 233.4 million, while the bottom line figure shows DKK 31.4 million after tax. Even though this is slightly below 2022 levels, the result exceeds expectations considering the market conditions at the beginning of the year.

Chairman of the Board of Port of Aalborg A/S, Bjarne Jensen, explains:

– From the beginning of the year, we were challenged by a turbulent container and oil market and increased vacancy in our commercial rental. At the same time, it was a new situation for us without Greenlandic ship traffic in the port, which had been a major part of the port’s everyday life for 50 years. But thanks to a strong finish in the last half of the year, we still achieved a reasonable result, which is satisfactory – especially considering our starting point in the first months of the year, he says.

Property rental and area sales ended at a high level

2023 was characterized by a significant increase in Port of Aalborg’s total property portfolio with the completion of new office and logistics facilities in the ‘Ankeret’ business area at the beginning of the year.

Overall, the year was characterized by high rental activity for both new and existing customers. And while the occupancy rate was below par in the first months of the year, it increased in the third and fourth quarters.

– In 2023, we welcomed many new players to the area, while we also saw increased interest from existing customers who needed to expand their activities. In addition, last year several tenants were able to move into the new office building ‘C-House’. We are pleased about this, because it proves that we help facilitate growth among local players, says CEO Kristian Thulesen Dahl. He elaborates:

– The year was also characterized by great interest in our area, with several large projects requiring extra space. Therefore, we have both developed areas for use by customers, while during the year we have sold approximately 100,000 square meters of land for new projects that will be initiated during 2024. This will all contribute positively to the activities at the port, he says.

In 2023, Port of Aalborg has purchased an additional 500,000 square meters of land west of the port, which will also be developed into an industrial area in the coming years.

Container traffic got off to a good start in 2023

At the beginning of 2023, a new chapter began for container traffic in Aalborg when Port of Aalborg took over the operation of Aalborg Container Terminal. Despite the new conditions and a challenging global container market with declining demand, Port of Aalborg managed to increase the number of containers handled throughout the year.

– With the takeover of Aalborg Container Terminal, an opportunity was made to create a growth driver for the regional business community. That is why we are pleased to conclude that we grew container volumes throughout 2023. This is especially thanks to our stevedores as well as local freight forwarders, importers and exporters. All of whom have shown great support for the terminal, says Kristian Thulesen Dahl.

In total, the year saw more than 800 ship calls and just over two million metric tons of cargo across the quay.

Further investments in green transition to benefit locally

Port of Aalborg has been designated as a growth zone for business and sustainability development in the municipality of Aalborg and has a stated goal of increasing the number of jobs in the municipality.

As part of this development, further investments in infrastructure and the business park were made in 2023 to support Port of Aalborg’s role as a growth driver for local and regional businesses with a special focus on the green transition.

– Future development will largely be realized through further investments in the area. Therefore, over the past year, we have focused on optimizing and future-proofing our own framework as part of continuing to attract and scale large projects, especially within the green transition. . It is part of our strategy that investments in the green transition in the future must contribute positively to growth in the area and our own business, Kristian Thulesen Dahl concludes.

For further information, please contact:

• Kristian Thulesen Dahl, CEO, Port of Aalborg A/S, tel. 99 30 15 00 and ktd@portofaalborg.com
• Bjarne Jensen, Chairman of the board, Port of Aalborg A/S, tel. 21 28 43 02 and bj-byraad@aalborg.dk
• Press service: Maja Thordahl Schou, Head of Communications, Port of Aalborg A/S, tel. 22 61 83 08 and mts@portofaalborg.com