Press Release

PortsToronto Presents 2023 Financial Results at Annual General Meeting

Toronto · June 10, 2024

Corporate

PortsToronto 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, PortsToronto 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 PortsToronto website and within the organization’s 2023 Annual Report.

In addition to discussing 2023 financial results at this year’s AGM, PortsToronto 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.

“PortsToronto 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 PortsToronto remains a cornerstone of the city’s network of transportation infrastructure, and a catalyst for its present and future progress.”

Sandra Pupatello, Board Chair, 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, PortsToronto’s achievements spanned financial performance, operational excellence and satisfaction among customers as well as our own teams. The year 2023 also saw PortsToronto undertake a significant strategic planning exercise that has laid a renewed foundation for the future growth and success of the organization, ensuring PortsToronto will continue to propel the City of Toronto and Ontario forward.”

RJ Steenstra, President & CEO, PortsToronto

About the Toronto Port Authority

The Toronto Port Authority owns and operates Billy Bishop Toronto City Airport, which welcomes approximately two million passengers and generates approximately $2 billion in economic impact per year; the Outer Harbour Marina, one of Canada’s largest freshwater marinas; and the marine Port of Toronto, which facilitates businesses such as marine shipping, cargo services and passenger cruises to generate approximately $460 million in economic activity annually. Since 1911, and in its role as a city builder, the Toronto Port Authority has worked with partners and every level of government to enhance Toronto’s transportation infrastructure and economic growth. The Toronto Port Authority is committed to fostering strong, healthy and sustainable communities, and has invested more than $30 million in recent years to fund charitable initiatives and environmental programs that benefit communities along Toronto's waterfront and beyond.

The Toronto Port Authority is a federal agency and operates in accordance with the Canada Marine Act. It is guided by a Board of Directors that includes representation from all three levels of government.

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