Aberdeen Harbour Board (AHB) has reported an increase in profits thanks to a £10.9 million boost from the sale of land.
In its recently published annual review and accounts, the premier North East port records a 5% increase in vessel arrivals since 2016, and the first increase in vessel arrival numbers since 2014. Figures for pre-tax profits rose from £18.64 million in 2016 to £26.98 million in 2017. This increase was due in total to a £10.9m gain on the disposal of land.
With operating profits remaining static, in line with expectations, the sale of the land supports AHB’s on-going plans to generate funding for its £350 million South Harbour development.
Michelle Handforth, Chief Executive of Aberdeen Harbour, said: “Following commencement of the South Harbour Project in spring 2017– fulfilling a target schedule that the port set back in 2014 – we saw significant progress over the past 12 months and construction activity is set to garner pace this year as we move closer to a target end date of 2020.
“The sale of harbour land, which accounted for the total increase in pre-tax profits, contributes to the funding of the project, which will support not just Aberdeen and Scotland, but the UK as a whole.”