At its Annual General Meeting, Hamburger Hafen und Logistik AG (HHLA) presented a positive balance sheet for the 2024 financial year and promised its shareholders a dividend of €0.10 per share.
Group revenue increased by 10.5 percent to €1.598 billion (2023: €1.4468 billion), while the operating result (EBIT) rose by 22.7 percent to €134.3 million. Despite ongoing geopolitical and economic challenges, the Hamburg-based port logistics group was able to significantly improve both revenue and earnings.
As outgoing Chairwoman of HHLA’s Executive Board, Angela Titzrath emphasised to shareholders that the company has consolidated its role as a European network logistics provider. “In 2024, HHLA demonstrated stability in a challenging market environment and at the same time worked consistently on implementing its strategic goals,” Titzrath stated.
HHLA invests in terminal automation
According to the Executive Board, key drivers of this development included the expansion of HHLA’s European network and investments in the technological advancement and automation of the container terminals in Hamburg. “We have not only created the foundation for future growth, but also strengthened Hamburg’s competitiveness as a location,” Titzrath added. HHLA intends to continue along its strategic path to become more “networked, digital and sustainable”.
At the end of June, it was announced that Titzrath, who has served as Chairwoman of the Executive Board for nine years, will leave the company by the end of the year at the latest. According to a press release, the Supervisory Board and Titzrath had “reached an agreement by mutual consent”. The move follows recent tensions between the Executive Board and HHLA’s two main shareholders – the City of Hamburg and the shipping company MSC.
The leadership change marks the conclusion of a strategic phase during which Titzrath played a key role in shaping the company’s successful direction, HHLA stated. The search for her successor is already under way. Until then, Titzrath will oversee the transition process.
Titzrath will receive a severance payment of €1.58 million upon her departure, as confirmed by Supervisory Board Chairman Rüdiger Grube at the AGM. In addition, she will receive her full salary of €1.1 million for the current year.
The decision comes shortly after the City of Hamburg (holding 50.1 percent of shares) and the Swiss shipping company MSC (49.9 percent) unexpectedly announced a reduced dividend payout. Instead of the previously expected €0.16 per share, shareholders will receive €0.10 – a move the main shareholders say is intended to strengthen HHLA’s equity base. According to media reports, some observers interpreted the decision as an “affront” to HHLA’s executive leadership under Titzrath. Her current contract runs until 2029 and had only recently been extended following MSC’s entry as a shareholder in November.
