Freeport of Riga Authority reported that the excess of the revenue of the Latvian port over costs reached €1.9 million (US$2.1 million) for the previous year.
In 2022, Freeport of Riga increased its revenue by 14.5% to €39.22 million (US$43.32 million). According to the report, 79% of the port’s revenues consisted of port dues and charges collected from ships and other revenues were rent payments for land, berths and infrastructure paid by companies operating in the port.
“Despite the challenges facing the industry, we have kept the Port of Riga financially stable. I think this shows our sound fiscal management and economic planning. It ensures the smooth operation of the port and gives us some confidence for the future,” commented Ansis Zeltiņš, CEO of the Freeport of Riga.
In 2022, 220 commercial companies worked in the Freeport of Riga – cargo handling and storage terminals, manufacturing, shipbuilding and repair companies, providers of ship agency, supply, bunkering and other port services, providing revenue for the port and jobs for more than 4200 people.
Meanwhile, during the past year, the Freeport of Riga Authority continued to invest in infrastructure projects.
“We have been able to allocate €7.5 million (US$8.3 million) for the further development of the port. Investments have been made in the maintenance and modernisation of the port infrastructure, digitisation of processes, as well as in the improvement of the port and environmental protection. Large-scale investment projects have been launched with co-financing from both European funds and foreign capital,” noted Zeltiņš.
According to the Law on Ports, an annual contribution of €2.6 million (US$2.9 million) has been made by Freeport of Riga to the budget of the Riga City Municipality. The local government of Riga should use these funds for the development of infrastructure related to the port’s operation, according to the Freeport of Riga’s statement.
