PortsToronto Releases 2022 Annual Report and Financial Statements

Toronto (May 3, 2023) – PortsToronto today released its 2022 Audited Financial Statements, which report on the financial performance of business units and the organization overall during a year that saw operations return to normal and positive results, following an extended period of challenge and disruption due to the pandemic.

In 2022, PortsToronto had a strong year by all measures. Despite a slow start due to the ongoing impacts of the pandemic on operations at Billy Bishop Airport, PortsToronto’s results improved mid-year to drive an overall positive year financially. PortsToronto reported strong operating revenues of $65.4 million in 2022, an increase of $25.7 million over 2021 revenue of $39.7 million, and had a net income from operations of $30.4 million, versus $10.0 million in 2021, an improvement of $20.4 million year-over-year.
Each business unit contributed to the year’s strong results. Billy Bishop Airport is the largest of PortsToronto’s business units, contributing approximately 70 per cent of revenues to the organization. Demand for air travel improved in the second half of the year, and Billy Bishop Airport was largely spared from the air travel challenges faced by other airports. Operating income for the airport was $24.0 million in 2022, up from $5.0 million in 2021 and higher than $22.1 million recorded in 2019. Total passenger volume in 2022 was approximately 1.7 million versus approximately 2.8 million in 2019.
The marine Port of Toronto also experienced a strong year in 2022 and, for the sixth consecutive year, moved more than 2 million metric tonnes of bulk and general cargo products through the port. There were 191 ship visits in 2022, bringing sugar, salt, cement, aggregate and steel directly to the heart of the city, reinforcing the Port of Toronto’s important role in the national supply chain. In 2022, the Port also saw the arrival of another bridge span from Nova Scotia via tug/barge for Waterfront Toronto’s Port Lands Flood Protection project, and the Port was critical in providing berthing for a marine vessel delivering three high-value transformers to the City of Toronto.

Passenger cruise ships returned to the Port of Toronto in 2022, after two years of suspended operations due to the pandemic. The 2022 season welcomed a record 40 cruise ships to Toronto, bringing almost 13,000 passengers to the city to enjoy its attractions, theatre, shopping and restaurants, and contributing to the city’s economic recovery. As such, the port and its activities reported operating income from all sources of $6.2 million, up from 2021 that recorded $5.5 million.

The Outer Harbour Marina likewise experienced another strong year in 2022. Demand for winter storage remained high in the 2022-2023 winter season, and summer berthing renewals resulted in a 100 per cent occupancy level. The Outer Harbour Marina’s operating income was $2.8 million in 2022 on revenues of $6.1 million.
PortsToronto’s fourth business unit, Property and Other, including investments, reported operating income of $4.0 million in 2022, up from $2.9 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 2022 versus 2021, due to higher interest rates.

These strong revenues across all of our business units resulted in substantive payments to various levels of governments including $1.1 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 $6.6 million for 2022, and $6.4 million for 2021, representing 10.1% and 16.2% of PortsToronto’s Operating Revenue in fiscal years 2022 and 2021, respectively.

Audited Financial Statements for 2022 and are available on the PortsToronto website and within the 2022 Annual Report.
Amanda Walton Board Chair, PortsToronto
“After several years of challenge and disruption due to the pandemic, 2022 brought a much appreciated return-to-normal for PortsToronto.  We saw recovery and growth in all businesses, recorded strong financial revenues, and stayed true to our commitment regarding sustainable operations, engaging with our community, and investing in city-building initiatives. The key to emerging from the pandemic and recovering as a city will come down to getting people and goods moving again. And whether it is passengers travelling through Billy Bishop Airport or the cruise ship terminal in the port lands, boaters cruising through the harbour from the Outer Harbour Marina, or sugar and salt coming through the port, PortsToronto is a critical engine for recovery that supports and invigorates the City of Toronto.”
RJ Steenstra, President & CEO, PortsToronto
“Travel demand came roaring back mid-year, and Billy Bishop Airport passengers were attracted to the convenience and reliability that has always been a hallmark of our airport. We also saw an eager return to Great Lakes cruising, with a record 40 ships carrying almost 13,000 passengers calling at our Cruise Ship Terminal in 2022. Marine imports remained strong, with the Port of Toronto recording more than two million metric tonnes of cargo shipments for the sixth consecutive year, and the Outer Harbour Marina's operations remained consistent and summer berthing occupancy once again reached 100 per cent. Looking to the year ahead, PortsToronto will continue to work with our community, partners and stakeholders to actively participate in the recovery of our economy within a sustainable development framework.” 
Annual General Meeting
PortsToronto will hold its Annual General Meeting at WaterPark Place, in the Rainy Lake Room, 20 Bay Street, 11th Floor, Toronto, Ontario, on Thursday, June 8, 2023, 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 the marine Port of Toronto that includes businesses in a variety of sectors including marine shipping, cargo services, media production and passenger cruises. PortsToronto is committed to fostering strong, healthy and sustainable communities and has invested more than $14 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 board with representation from all three levels of government.
Media Contact:
Jessica Pellerin
Manager, Media Relations and Public Affairs
Cell: (647) 298-0585
E-mail: jpellerin@portstoronto.com