PortsToronto Releases 2023 Annual Report and Financial Statements

Toronto (May 9, 2024) – PortsToronto today released its 2023 Audited Financial Statements, which report on the financial performance of business units and the organization overall, during what was another successful year by all measures.

PortsToronto reported operating revenue of $76.4 million in 2023, an increase of $11 million over 2022, and had net income from operations in 2023 of 37.2 million, versus 30.4 million in 2022, an improvement of 22.4 per cent, year-over-year.

Each business unit contributed to the year’s strong results. Billy Bishop Toronto City Airport had a strong 2023, with operating income recorded at $30 million, up from $24 million in 2022 and higher than $22.1 million recorded in 2019. Total passengers reached two million, up from 1.7 million in 2022, an increase of 17.6%. 

The Port of Toronto also had a successful year and continued to provide a reliable, sustainable trade gateway that imports millions of tonnes of goods each year directly into the City of Toronto. The number of cargo ships visiting the Port of Toronto remained consistent in 2023, with 189 ships visiting the Port of Toronto and delivering a range of bulk, project, and general cargo products totalling 2,311,616 metric tonnes. The Port’s Cruise Ship Terminal experienced its second consecutive record year, welcoming 45 cruise ships and nearly 18,000 passengers.

The Port reported operating income from all sources of approximately $4 million in 2023, down from $6.2 million recorded in 2022. This decrease is mainly due in to a drop in Port rental revenues and in part to a reduction in steel imports compared with 2022. It is also a reflection of the brief labour strike that took place in 2023 that disrupted shipping for a time.

The Outer Harbour Marina continued to experience strong and positive results in 2023. Recreational boating continued to be a favoured activity in Toronto with many new boaters coming from neighbouring residential areas of the city. Demand for winter storage remained strong in the 2023-2024 winter season, and summer berthing renewals resulted in a 100 per cent occupancy level. The Outer Harbour Marina’s operating income was $3.1 million in 2023 on revenues of $6.7 million.

PortsToronto’s fourth business unit, Property and Other, including investments, reported operating income of $7.4 million in 2023, up from $4.0 million the year prior. Property and Other includes the rental of various properties along the waterfront as well as investment income earned on PortsToronto’s cash reserves, which increased in 2023 versus 2022, due to higher interest rates.

Importantly, PortsToronto’s financial success means an investment back into the community and city in which it operates. As such, these strong revenues across all of our business units resulted in substantive payments to various levels of governments including $1.2 million in Payments in Lieu of Taxes (PILTs) to the City of Toronto, as well as $2.3 million in property taxes. The amounts accrued and paid to the federal government and to the City of Toronto together totalled $7.0 million for 2023, and $6.6 million for 2022, representing 9.2% and 10.1% of PortsToronto’s Operating Revenue in fiscal years 2023 and 2022, respectively.

Audited Financial Statements for 2023 and Management’s Discussion and Analysis, are available on the PortsToronto website and within the 2023 Annual Report.

Quotes

“PortsToronto plays an important role in Toronto’s transportation network, operating waterfront hubs that power some of the city’s key industries. In 2023, our organization dug deep, reflecting on our roots and envisioning what we see this organization accomplishing over the next five, ten or fifty plus years. Through successes in terms of financial performance, strategic planning in all departments and meaningful advancement of our environment, social and governance roadmap, PortsToronto built momentum in 2023 that will carry us toward our vision of Transportation Reimagined.”

• Sandra Pupatello, Board Chair, PortsToronto

“Reflecting on our journey this year, I am proud to say that our commitment to innovation, resilience and teamwork has not only resulted in positive financial results with all of our business units contributing to strong revenues, but has laid the foundation for even greater successes ahead. As we look to 2024 and beyond, we will carry forward the spirit of collaboration and excellence that has defined PortsToronto for more than a century in order to deliver bold solutions that redefine what is possible, shaping a future in which the transportation ecosystem of the Toronto waterfront is not only efficient, but also equitable, accessible and environmentally responsible.”

• RJ Steenstra, President and Chief Executive Officer, PortsToronto

Annual General Meeting
PortsToronto will hold its Annual General Meeting in the Regatta Room, Westin Harbour Castle, 1 Harbour Square Toronto, Ontario, on Monday, June 10, 2024, beginning at 9:30 a.m. The meeting is open to the public and interested parties are asked to register here.

About PortsToronto
For more than 100 years PortsToronto has worked with its partners at the federal, provincial and municipal levels to enhance the economic growth of the City of Toronto and the Greater Toronto Area. PortsToronto owns and operates Billy Bishop Toronto City Airport, which welcomed approximately 2.8 million passengers in 2019; the Outer Harbour Marina, one of Canada’s largest freshwater marinas; and, Marine Terminal 52, which provides transportation, distribution, storage and container services to businesses at the Port of Toronto. PortsToronto is committed to fostering strong, healthy and sustainable communities and has invested more than $28 million since 2009 in charitable initiatives and environmental programs that benefit communities along Toronto’s waterfront and beyond. PortsToronto operates in accordance with the Canada Marine Act and is guided by a nine-member board with representation from all three levels of government.

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Media Contact:
Jessica Pellerin
Senior Manager, Communications
PortsToronto
Cell: (647) 298-0585
E-mail: [email protected]