APM Terminals Apapa reports strong financial performance in 2024
The 2024 year closed as the best year ever for APM Terminals globally, driven by top-line growth based on strong volumes and a significant increase in revenue per move. APM Terminals Apapa echoed this positive message, reporting strong financial performance in 2024—meeting and exceeding EBIT targets, driven by strong volumes. Imports increased by 13 per cent and exports increased by 10 per cent.
Managing Director of APM Terminals Apapa, Steen Knudsen, states: “I am very happy about our results, which underline the great potential we have to develop our operations in Nigeria even further. We are proud to be a player in supporting the economic growth of this magnificent country and in creating job and export opportunities. Looking back at the past year, our terminal continued its journey of safety improvements, with a combination of process improvements as well as infrastructure enhancements.”
Milestones in 2024
In 2024, APM Terminals Apapa celebrated the inaugural call of the largest vessel to ever call at Lagos—COSCO Shipping’s EA Centaurus.
The terminal also achieved a 14 per cent reduction in vessel port stays, giving shipping lines more time in their rotations to lift more cargo or economise fuel usage.
Finally, the terminal constructed new yard blocks and a customs inspection ground. This was initiated to cater for additional export cargo as well as more efficient customs clearance of import cargo.
Building success together
CEO of APM Terminals Nigeria, Frederik Klinke, stated: “I want to take the opportunity to thank all our partners in and around the port for the great cooperation. We are advancing our plans for investment in Lagos Port in close dialogue with the government. Nigeria is an important market, and I am happy that we can continue developing our relationship to enable growth and economic prosperity.”
In Apapa, Kano, and Onne, APM Terminals handles about half of Nigeria’s containerised trade and provides direct and indirect employment to more than 10,000 Nigerian families. The recent USD 115 million upgrade and expansion project at the West Africa Container Terminal (Onne) demonstrates the company’s commitment to investing in Nigeria’s port infrastructure—further paving the way for businesses to grow their export markets.
