Montreal – This morning, President and Chief Executive Officer of the Montreal Port Authority (MPA) Martin Imbleau and Chairman of the Board Marie-Claude Boisvert presented the Port of Montreal’s 2021 operating results at the annual meeting. The meeting was held in hybrid format at the MPA head office.
Despite the challenges and crises that marked the year 2021, including a labour dispute, the context of the COVID-19 pandemic, fires in Western Canada and disruptions in global supply chains, the MPA posted positive results. Numerous infrastructure projects, higher container volumes, no port congestion, fewer emissions of greenhouse gases, and the MPA’s sound financial position are among the key accomplishments.
“The past year tells us one thing, and that is how necessary it is to be able to adapt, no matter what the circumstances, to disruptions, unforeseen events and factors outside the normal course of operations that can affect the supply chain. As a public service, we are doing everything we can to ensure the future of the Port of Montreal. We do this for local businesses that import and export products that are indispensable to their operations and vitality and, bottom line, we do this for the ultimate client, namely the consumer, the citizen,” said Martin Imbleau, President and Chief Executive Officer of the MPA.
Freight volumes were impacted by the events of the year in several ways.
The container sector, driven by changing consumer habits in response to the COVID-19 pandemic and the surge in orders for consumer products, posted a 7.5% increase in TEUs (twenty-foot equivalent units), with 1.7 million containers handled.
The dry bulk sector declined 6.2% to 7.9 million tonnes due to droughts in Western Canada that affected grain volumes. Conversely, there was strong growth in the volumes of minerals and fertilizers for the agri-food sector.
The liquid bulk sector posted a 5.2% decrease to 11.7 million tonnes, mainly due to the impact of the pandemic on fuel volumes for personal vehicles and air traffic.
In all, 34 million tonnes of cargo were handled at the Port of Montreal, down 3% from 2020..
The entire 2021 cruise season was cancelled for a second consecutive year in accordance with Transport Canada guidelines.
Financial results and infrastructure projects
Revenue from operations remained stable. It was $117.7 million in 2021, compared to $116.6 million in 2020.Expenses came to $104 million.
Capital investments for 2021 totaled $111 million. It is also noteworthy that the MPA completed the issuance of $150 million of unsecured debentures bearing interest at 3.24% with principal due at maturity on March 22, 2051.
Factoring in investment income, net income was $19.7 million.
Several major infrastructure projects passed key milestones over the course of 2021. These include the Contrecœur expansion project, which received a favourable decision from the Minister of the Environment and Climate Change Canada, the rail capacity expansion project, the first phase of which was completed, the redevelopment of Bickerdike Terminal, which was completed after two years of project works, the Viau sector overpass, which was launched, and the Port of Montreal Tower, the last major step in the extensive Alexandra Pier rehabilitation project begun in 2014.
These projects aim to further improve the long-term performance and efficiency of the Port of Montreal’s supply chain and facilities, as well as the quality of its services with a focus on sustainability and social responsibility. (Photo Port of Montreal)