PortsToronto Presents 2024 Financial Results at Annual General Meeting
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 2024 fiscal year.
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) 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.
PortsToronto’s 2024 Audited Financial Statements and 2024 Management Discussion and Analysis were released May 12, 2025. Highlights of these financial documents are also included in PortsToronto’s 2024 Annual Integrated Report, which was released June 5, 2025.
In addition to discussing 2024 financial results at this year’s AGM, PortsToronto President & Chief Executive Officer, RJ Steenstra, provided an overview of the organization’s operational performance in 2024, 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.
With a proud legacy of contributing to the development and vitality of Toronto, PortsToronto continues to lead through action – enhancing the waterfront, fostering sustainable growth, and driving economic opportunity across the region. Our achievements in 2024 reflect a deep commitment not only to operational excellence but also to collaboration with stakeholders, ensuring that progress is inclusive and lasting. As we look ahead, we remain focused on building a legacy that endures – one in which PortsToronto continues to be a cornerstone of the city’s transportation network and a catalyst for innovation, connection, and civic prosperity.
In 2024, PortsToronto delivered strong financial results, advanced strategic priorities, and deepened our commitment to community and environmental stewardship. From securing the future of Billy Bishop Toronto City Airport to driving economic impact through the Port of Toronto to strong demand and high satisfaction ratings at the Outer Harbour Marina, we’re building a more connected, resilient, and sustainable city. With a clear vision and solid foundation, we’re ready to meet the future with confidence.
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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.