Busan Port Authority Achieves 21 Consecutive Years of Profit... Net Income Up 43% Year-on-Year

Busan Port Authority (BPA) announced on the 4th that it achieved 2.1 trillion KRW in sales, 128.5 billion KRW in operating profit, and 49.9 billion KRW in net profit for the 2024 fiscal year, marking 21 consecutive years of profitability.

BPA explained that this improvement in performance is significant as it resulted from increased rental income due to the operation of a new pier (New Port Pier 7), increased port facility usage fees following record-high cargo volume, and self-help efforts such as reviewing property taxes to strengthen financial stability and reducing operating expenses.

Sales in 2024 increased by 24.4 billion KRW (6.86%) compared to the previous year, and net profit rose by 15 billion KRW (43.10%).

Sang-geun Song, President of BPA, said, “Despite the challenging business environment caused by international political instability and global supply chain crises, we achieved meaningful results through the efforts of all employees. We will continue to maintain a sound financial structure and make every effort to ensure that large-scale projects involving substantial investment, such as the redevelopment of Bukhang, the development of Jinhae New Port, and the port hinterland complex, proceed without any setbacks.”

Busan Port Authority.

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