Port of Aberdeen weathers the storm to set 'hard-earned' revenue record
Port of Aberdeen has reported turnover of £50.7 million in its first full year of operations since opening the £420m South Harbour.
The UK's oldest business saw turnover rise by 10.5% in 2024, from £45.9m recorded in 2023.
Bosses at the historic business said its latest figures were boosted by the South Harbour expansion, completed in August 2023.
Pre-tax profits took a hit with figures dropping from £21.2m in 2023 to £16.5m in 2024.
However, chief executive Bob Sanguinetti described it as a 'successful year's trading'.
Aberdeen as a cruise ship destination continues to be a success with traffic totalling more than a million gross tonnes of vessels for the first time, bringing more than 24,000 guests to the region.
Vessel arrivals at Port of Aberdeen, which is now the largest port in Scotland by berthage, also increased by 2.6% to 7,128 last year.
Mr Sanguinetti said: 'The board had to deal with uncertainties associated with the global economic pressures… particularly in relation to increasing costs in energy supplies and a stubborn inflation rate.
'However, the diverse nature of the businesses that support our operations, combined with the impact of the new South Harbour facility, has meant revenue has performed well.
'Success in a highly competitive market is hard-earned.
'While this new operational landscape is exciting, it also remains uncertain, and this uncertainty shapes our outlook for 2025 and beyond.'
As a trust port, all profits are reinvested.
Total vessel and cargo tonnage rose by 4.3% to 30.8m tonnes.
Passenger numbers on the ferries to and from Orkney and Shetland increased by 2.8% to 207,318.
The number of employees increased from 109 in 2023 to 114 in 2024. This saw the wage bill rise from £8.8m to £9.7m.
Mr Sanguinetti also touched on how the Government imposed windfall tax is having a knock-on effect.
He said: 'While our foundations are strong, the market is changing.
'Oil and gas activity – which accounts for almost two thirds of our revenue – is being impacted by the Energy Profits Levy and wavering investor confidence, while delays to consenting and grid connections are affecting timelines for offshore wind.
'Against this backdrop, we see significant opportunities ahead.
'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.'
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