The Port Authority of Las Palmas (APLP) has closed the 2024 fiscal year with an enhancement of its liquidity position, supported by a growth in net profit to 27.95 million euros. However, the balance sheet reveals active management of its financial commitments and a strategic use of the Canary Island tax incentives in an environment of interest rates that continue to pressure operational costs. This marks the first fiscal year of Beatriz Calzada as president of the Port Authority of Las Palmas, having assumed office in mid-2023.
By the end of 2024, the debt with credit institutions stood at 8.98 million euros, a significant decrease from the 15.08 million in the previous year. This reduction is a result of a consistent amortization policy that has brought the non-current liabilities (those maturing beyond one year) down to just 3.63 million euros. The entity has managed interest rate risk through financial swaps, which recorded a positive change in fair value of 185,250 euros in the income statement. Nonetheless, the maturity schedule is imminent: most of the financial derivatives load, with a market value of 256,397 euros, was set to expire in March 2025, followed by smaller tranches in 2026 and 2027.
The Fiscal Shield of the RIC
In tax matters, the Ports of Las Palmas maintains an optimization strategy linked to the Economic and Fiscal Regime (REF) of the Canary Islands. The entity has applied deductions for investments in new fixed assets amounting to 351,875 euros in 2024. However, the bulk of its profit is allocated to strengthening accumulated profit reserves, which now reach 281.2 million euros. This buffer of equity is essential to sustain an ambitious investment plan without compromising solvency, enabling the entity to operate with a net worth of 822 million euros, representing over 90% of its total assets.
Extraordinary Results and Operational Drive
The entity’s performance has not only been favored by financial management but also by revenues that exceeded ordinary expectations. The results from disposals of fixed assets and other operations contributed 504,930 euros, reversing the losses of 1.6 million recorded in this area in 2023. Additionally, the recovery of reverted concessions has injected 2.7 million euros directly into the operating account. These revenues, combined with improved efficiency in current management expenses — which fell from 3.8 to 1.7 million euros — have allowed the operating result to rise to 19.4 million euros, a 47% increase from the previous fiscal year.
