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Port achieves new million surplus: Top marks for operating profit - but bottom line fades

Odense Harbor's operating result increased by 26 percent last year, although the surplus did not match the record from 2022

Odense Harbor has achieved a significant increase of 26 percent in its annual accounts for 2023 in primary port operations, with a turnover of 279 million DKK.

In terms of turnover, the harbor in Funen is now the country's second-largest port after Aarhus Harbor, surpassing Esbjerg Harbor, whose turnover in 2023 was 258 million DKK.

Odense Harbor's bottom line for 2023 reached 79 million DKK - which is 24 million DKK below the previous year.

In 2022, a significant one-time income of 49 million DKK from a loan restructuring secured the port a record result of over 103 million DKK.

This is evident from the annual accounts recently released by Odense Harbor A/S.

The significant capital gain in 2022 resulted in the port's annual result for 2023 ending 20 percent lower.

However, as mentioned, the port improved its operating profit last year from just under 65 to 81.4 million DKK.

Odense Port A/S
2023 2022 2021 2020
Revenue 279.277 236.915 185.618 165.298
Operating profit 81.375 64.603 34.368 28.099
Financial items -3.329 41.353 -4.805 -8.138
Net income 79.220 103.542 28.653 19.900
Balance sheet 2.028.495 2.017.514 1.936.142 2.072.718
Equity 1.433.678 1.368.910 1.261.362 1.244.644

Employment figures back to 2009 levels 

3,200 people passed through the gates of Odense Harbor every day last year, bringing the harbor's job creation to 500 employees above the 2009 level when the closure of the Odense Shipyard was announced.

However, there is still a long way to go to reach the 6,800 who, in the heyday of the shipyard, passed through the gates every day.

But Carsten Aa, CEO of Odense Harbor, notes that the former shipyard area in Lindø, Munkebo, is now once again generating thousands of local jobs.

- It's a milestone, and we are very pleased that activity at the harbor has reached this level. It shows that over the past many years, we have provided the right opportunities for the harbor's businesses. As companies grow, we have a better opportunity to operate and develop a port that supports the contribution to the green transition in Denmark and Europe, says Carsten Aa in a statement.

Milestones for Odense Port A/S in 2023

  • Leased out 18.5 percent more square meters to wind companies compared to 2022
  • Has reduced its CO2 emissions by 19 percent (2022)
  • Invested a three-digit million amount in infrastructure and buildings for customers
  • Revenue increased by 18 percent to DKK 279 million
  • Denmark's second-largest commercial port measured by revenue
  • Denmark's largest port measured by area (8.5 million square meters).
  • Odense Port A/S ended 2023 with a 26% increase in primary operations and a profit of DKK 79 million, equity of DKK 1.43 billion, and a solvency ratio of 71%

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