the Toronto Port Authority Presents 2023 Financial Results at Annual General Meeting

Toronto (June 10, 2024) – the Toronto Port Authority today held its Annual General Meeting (AGM). During the meeting, senior management and members of the Board of Directors provided an overview of the organization’s 2023 fiscal year.

For the fiscal year 2023, the Toronto Port Authority reported operating revenue of $76.4 million, 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. Audited Financial Statements for 2023 were released May 9, 2024, and are available on the the Toronto Port Authority website and within the organization’s 2023 Annual Report.

In addition to discussing 2023 financial results at this year’s AGM, the Toronto Port Authority President & Chief Executive Officer, RJ Steenstra, provided an overview of the organization’s operational performance in 2023, including important environment, social and governance (ESG) work, as well as community and city-building initiatives. The remarks delivered during the Annual General Meeting are available on the PortsToronto website.

Quotes

Sandra Pupatello, Board Chair, PortsToronto
“the Toronto Port Authority has a proud legacy of contributing to the development and vitality of the City of Toronto, and this past year has been no exception. Our achievements in 2023 highlight our dedication to enhancing Toronto’s waterfront, fostering economic growth and promoting sustainability within our operation as well as in partnership with our stakeholders for the benefit of the wider waterfront and region. Looking ahead, we will continue to build on this legacy, ensuring that the Toronto Port Authority remains a cornerstone of the city’s network of transportation infrastructure, and a catalyst for its present and future progress.”

RJ Steenstra, President & CEO, PortsToronto
“I am proud today to reflect on what was a successful year by all measures, and across all business units, from Billy Bishop Toronto City Airport to the marine Port of Toronto and the Outer Harbour Marina. In 2023, the Toronto Port Authority’s achievements spanned financial performance, operational excellence and satisfaction among customers as well as our own teams. The year 2023 also saw the Toronto Port Authority undertake a significant strategic planning exercise that has laid a renewed foundation for the future growth and success of the organization, ensuring the Toronto Port Authority will continue to propel the City of Toronto and Ontario forward.”

About the Toronto Port Authority
For more than 100 years the Toronto Port Authority 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. the Toronto Port Authority 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. the Toronto Port Authority 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. the Toronto Port Authority operates in accordance with the Canada Marine Act and is guided by a board with representation from all three levels of government.

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Media Contact:
Jessica Pellerin
Senior Manager, Communications
the Toronto Port Authority
Cell: (647) 298-0585
E-mail: jpellerin@torontoportauthority.com