Press Release

PortsToronto Releases 2024 Financial Statements

Toronto · May 12, 2025

Corporate

PortsToronto today released its 2024 Audited Financial Statements, which report on the financial performance of business units and the organization overall, during what was another successful year by all measures.

Financial Highlights

(in $ millions)	2024	2023	Change	%
Revenues	81.3	71.1	10.2	14.3
EBITDA	29.0	27.2	1.8	6.6
Net Income	17.0	9.3	7.7	82.8

PortsToronto reported operating revenue of $81.3 million in 2024, an increase of $10.2 million or 14.3% over the same period in 2023. Earnings before interest, taxes, depreciation and amortization (EBITDA)[1] in 2024 increased to $29.0 million, an increase of 6.6%, as compared to $27.2 million during the same period in 2023. Net income during 2024 totaled $17.0 million, an increase of $7.7 million over $9.3 million realized during the same period in 2023.

Each business unit contributed to the year’s strong results. Billy Bishop Toronto City Airport had a strong 2024, with operating income recorded at $30.6 million, up from $30.0 million in 2023. Total passengers reached more than two million, consistent with 2023. The organization also made excellent progress on key priorities across the business. Specific to Billy Bishop Toronto City Airport, PortsToronto worked closely with its Tripartite Agreement partners, City of Toronto and Transport Canada, to progress discussions that would, in January 2025, lead to an amending agreement that extends the term of the airport to 2045. This amending agreement also enables the financing and construction of Runway End Safety Areas (RESA) that are required for additional safety at airports in Canada and around the world.

The Port of Toronto also had a successful year and continued to provide a reliable, sustainable trade gateway that imports millions of tonnes of goods each year directly into the City of Toronto. The number of cargo ships visiting the Port of Toronto remained consistent in 2024, with 173 ships visiting the Port of Toronto and delivering a range of bulk, project, and general cargo products totalling 2.057 million metric tonnes. The Port’s Cruise Ship Terminal experienced another strong year, welcoming 34 cruise ships and nearly 18,000 passengers. The Port reported operating income from all sources of approximately $8.5 million in 2024, up from $3.4 million recorded in 2023.

The Outer Harbour Marina continued to experience strong and positive results in 2024. Recreational boating continued to be a favoured activity in Toronto with many new boaters coming from neighbouring residential areas of the city. The Outer Harbour Marina’s operating income was $3.2 million in 2024, up from $3.1 million in 2023.

PortsToronto’s fourth business unit, Property and Other, including investments, reported operating income of $8.5 million in 2024, up from $7.8 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 2024 versus 2023, due to higher interest rates.

Importantly, PortsToronto’s financial success means an investment back into the community and city in which it operates. As such, these strong revenues across all of our business units resulted in $8.5 million in payments to various levels of governments as compared to $7.0 million in 2023, representing 10.4% and 9.9% of PortsToronto’s Operating Revenue in fiscal years 2024 and 2023, respectively. These payments were made up of $4.9 million to the City of Toronto in the form of $2.5 million in Payments in Lieu of Taxes (PILTs) and generating $2.4 million in property taxes in addition to $3.6 million paid to the Federal Government in the form of Gross Revenue Charge in 2024.

Audited Financial Statements for 2024 are available on the PortsToronto website.

[1] EBITDA, a non-GAAP financial measure, is operating earnings before interest and financing costs and amortization.

Annual General Meeting
PortsToronto will hold its Annual General Meeting in Room 237 – Auditorium Space, Daphne Cockwell Centre for Health Sciences, George Brown College, 51 Dockside Drive, Toronto, Ontario, on Thursday, June 12, 2025, beginning at 3:00 p.m. The meeting is open to the public and interested parties are asked to register here.

PortsToronto businesses, from Billy Bishop Toronto City Airport to the marine Port of Toronto to the Outer Harbour Marina, drive billions in economic activity in our region and power some of Toronto’s key industries. In 2024, PortsToronto continued its legacy of building connections on the Toronto Waterfront, collaborating with its partners at the City of Toronto and Transport Canada to amend the Tripartite Agreement that governs Billy Bishop Toronto City Airport, ensuring the organization will have the means and ability to build required Runway End Safety Areas and secure its future – including its local jobs, its community investment, and its significant impact on the regional economy

Jane McKenna, Board Chair, PortsToronto

PortsToronto businesses continue to serve as foundational economic engines of the Toronto waterfront, extending from east to west and facilitating the movement of travellers, goods, investment and commercial activity into and out of Canada’s largest city. To ensure the continued viability and success of these critical transportation and recreation hubs, we are enhancing PortsToronto’s resilience for both commercial and passenger use, undertaking strategic investments in essential dock wall infrastructure, and dedicating resources to long-term environmental sustainability efforts that will benefit future generations.

RJ Steenstra, President and 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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