Global Ports’ net profit for H1’21 more than doubled to USD 53.9 million
Revenue increased by 24.6%
Global Ports Investments PLC (Global Ports) has published its interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2021. According to the statement, profit for the period more than doubled to USD 53.9 million.
Revenue increased by 24.6% to USD 229.8 million (+6.9% like-for-like).
Adjusted EBITDA grew 8.5% to USD 113.8 million.
The Group reports further deleveraging success with Net Debt down USD 58.2 million and Net Debt to LTM Adjusted EBITDA reduced to 2.5x (-0.4x compared to 31 December 2020).
Albert Likholet, CEO of Global Ports, commented:
“I believe that over the last six months, the Group has achieved a very strong set of results – both in the container and non-container segments of our business. In addition, we have successfully protected our terminals’ container market share in both the Group’s key basins of presence and taken the required steps to capitalise on the recovery in container and non-container cargo handling as the world begins to emerge from the impacts of the pandemic.
In an increasingly competitive market, we have successfully converted volume growth into Revenue generation and due to our commitment to efficiency, we have demonstrated both Adjusted EBITDA growth and Adjusted EBITDA Margin improvement.
“Our cash generation from operations remains strong and this half of the year we saw further growth in Free Cash Flow of almost 35% enabling clear progress towards our deleveraging target with Net Debt to LTM Adjusted EBITDA ratio reduced to 2.5x”.
Global Ports Investments PLC is the leading operator of container terminals in the Russian market by capacity and container volumes.
Global Ports’ terminals are located in the Baltic and Far East Basins, key regions for foreign trade cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal and Moby Dik in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland (Multi- Link Terminals in Helsinki and Kotka). Global Ports also owns an inland container terminal Yanino Logistics Park located in the vicinity of St Petersburg.
Global Ports’ major shareholders are Delo Group, one of the largest private transportation and logistics holding companies in Russia (30.75%), and APM Terminals B.V. (30.75%), whose core expertise is the design, construction, management and operation of ports, terminals and inland services. APM Terminals operates a global terminal network of 74 ports and 117 inland services facilities, giving the company a global presence in 58 countries. 20.5% of Global Ports shares are traded in the form of global depositary receipts listed on the Main Market of the London Stock Exchange (LSE ticker: GLPR).
