13th June 2018

Aberdeen Harbour Board Profits Boosted by Sale of Land

Aberdeen Harbour Board Profits Boosted by Sale of Land

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 actual 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.”