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Scottish shipping port announces record-breaking profits after expansion

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Port of Aberdeen, said to be the UK’s oldest existing business, has announced a record-breaking financial performance for 2023, marked by the opening of the £420 million South Harbour expansion.

The business reported a turnover increased to £45.9m, up 17% from 2022, and an operating profit increased to £25.7m, up from £21.3m the previous year.

The port cited the major development of the South Harbour as significant in attracting new business in energy, trade, and tourism and the North Harbour maintained robust oil and gas and ferry revenues.

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Bob Sanguinetti, the CEO of Port of Aberdeen, said: “South Harbour was pivotal to delivering a record financial performance in 2023 as we welcomed large jack-up rigs, cargo vessels and cruise ships that would have previously sailed by the city.

“Our focus now turns to consolidating business with existing customers and securing opportunities to further diversify and grow in energy, trade, tourism.”

Sanguinetti added that the investment in the South Harbour is a great showcase for the transition to net zero and that Aberdeen has a pivotal role in achieving that goal.

He said: “We have invested almost half a billion pounds to ensure Aberdeen is world-class port that creates prosperity for generations.

“As the energy transition gathers pace, further partnership with government and industry can drive the nation’s economic growth and decarbonisaton.

“Floating offshore wind was in its infancy when the South Harbour expansion was planned.

“Today, with 17GW of projects approved off Scottish coasts, Aberdeen can become a leading hub for the assembly, integration, and maintenance of turbines.

“By upgrading this strategic asset, including a capital dredge project, Port of Aberdeen will support the transition of jobs and skills from oil and gas to renewables for decades to come.

“Decarbonising ports and shipping is a significant challenge with no single solution.

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“Through our net zero strategy, backed by up to £55m of investment, Aberdeen has a pivotal role to play.

“With further support, we can roll-out shore power across the port and accelerate collaboration on infrastructure for future green fuels.

“Incentives, investment, and supportive legislation will ensure that Aberdeen, along with ports across the country, can play their part on the road to net zero.”

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