Koblenz city records unprecedented revenue surge
In a remarkable turn of events, the city of Koblenz, Germany, has experienced a surge in financial success and growth across various sectors in 2024. This positive trend was highlighted at a recent press conference held by the representatives of the city's subsidiary companies, including Mayor David Langner, who announced the impressive balance of the city's finances.
One of the most significant contributors to this success story is Koblenz Utilities (SWK), which recorded a record profit of €18.8 million in the last fiscal year. The primary reason for this impressive figure was a significant increase in energy prices, leading to higher revenues from their energy supply business. This was further bolstered by effective cost management and operational efficiencies.
Meanwhile, the Mosel Bath, a new attraction that opened in August 2024, welcomed over 120,000 bathers and more than 40,000 sauna guests in its first operating year. Despite initially forecasting a deficit of €2.5 million, the bath recorded a deficit of €0.5 million less than expected, a testament to its popularity among locals and tourists alike.
The city's public transport system also saw a significant increase in usage, with approximately 11 million passengers in 2024, an increase of nearly a million compared to the previous year. This growth represents a 4% increase in the share of public transport in Koblenz's traffic.
However, the Rhine Harbor saw a slight decrease in container handling, with nearly 85,700 TEU (twenty-foot equivalent units) handled, a decrease of around 5% compared to the previous year. Despite this decrease, the total tonnage at the Rhine Harbor remained approximately 1,007,000 tons.
The city of Koblenz also benefited from a one-time effect of approximately €9.5 million, achieved through the change in the financing model of Koblenz Transport GmbH (koveb). This change resulted in a €1.5 million surplus in the city's budget from Koblenz Utilities (SWK) in the last fiscal year, and €7.5 million of the profit directly flowed into the city's budget.
In addition, the previous capital injection model of koveb was converted into a revenue transfer agreement. This change is expected to bring further financial stability to the city's transport system in the future.
Overall, 2024 has been a year of growth and success for the city of Koblenz, with record profits, increased usage of public transport, and a popular new attraction in the Mosel Bath. As the city continues to adapt and evolve, it remains a vibrant and thriving hub in the heart of Germany.
- The surge in financial success and growth in Koblenz can be attributed to the impressive balance of the city's finances, as well as the record profit of €18.8 million by Koblenz Utilities (SWK) from their energy supply business, coupled with effective cost management and operational efficiencies.
- The Mosel Bath, a city attraction, recorded a deficit of €0.5 million less than expected in its first operating year, reflecting its popularity among locals and tourists alike, demonstrating the importance of industry and business in driving success.
- The public-transit system of Koblenz saw an increase of nearly a million passengers in 2024, representing a 4% increase in the share of public transport in Koblenz's traffic, further emphasizing the importance of transportation infrastructure in economic and social policy.
- The city's business ventures, such as Koblenz Transport GmbH (koveb), contributed significantly to the city's budget, with a one-time effect of approximately €9.5 million and a €1.5 million surplus from Koblenz Utilities (SWK) in the last fiscal year. Such financial gains have a direct impact on personal-finance matters like budgeting and long-term city planning.
