Busan Port Authority Achieves 20 Consecutive Years of Profitability Last Year

Sales Recovery and Reduction of Operating Expenses, Net Profit of 34.9 Billion KRW

Busan Port Authority (BPA, President Kang Jun-seok) has achieved 20 consecutive years of profitable management.

BPA announced on the 5th that the fiscal year results for last year recorded sales of 355.2 billion KRW, operating profit of 133.9 billion KRW, and net profit of 34.9 billion KRW.

Since its establishment in 2004, it has achieved 20 consecutive years of profitable management and maintained the highest corporate credit rating of ‘AAA’.

BPA explained that this management performance was achieved through an increase in cargo volume following the recovery from COVID-19, along with strict cost-cutting efforts in compliance with public enterprise budget guidelines.

In fact, sales in 2023 increased by 13.1 billion KRW (3.83%) compared to the previous year, while operating expenses including cost of sales of 170.7 billion KRW decreased by 17.9 billion KRW (9.50%) compared to the previous year.

Based on its excellent management performance, Busan Port Authority decided to pay dividends of 20.2 billion KRW (dividend payout ratio of 57.9%) for the 2023 fiscal year, marking the 18th consecutive year of dividend payments.

As a result, the cumulative dividend amount reached 353.4 billion KRW, earning recognition for faithfully fulfilling the authority’s social role.

BPA President Kang Jun-seok said, “Despite challenging domestic and international environments such as the global logistics crisis and soaring raw material prices, this management achievement was made possible through the joint efforts of our employees. We will strive to ensure that major projects involving large-scale budgets, such as the North Port redevelopment, eco-friendly automated port construction, and port hinterland development, proceed smoothly in the future.”