Global Ports Investments has published its consolidated financial statements for the year 2021.
The Group said it improved its market share position in both its basins of presence in 2021, with VSC throughput improving 14.8% year-on-year against the regional market growth of 14% and throughput of its terminals in the Baltic Basin declining by 2.3% year-on-year (being less than market decline of 3.7%).
First Container Terminal in St. Petersburg was down 4% to 628 thousand TEU, Petrolesport increased its throughput by 5.9% up to 399 тыс. TEU, while container traffic via Ust-Luga Container Terminal dropped by 41.7% down to 29 thousand TEU.
In total, GlobalPorts’ consolidated marine container throughput increased by 2.8% year-on-year in 2021 against the market growth of 7.1%. Global Ports’ terminals handled 1,576 thousand TEU out of Russia’s total marine container throughput of 5.4 mn TEU thus accounting for 29.2% of the market.
Growth continued into the first two months of 2022 with a consolidated marine container throughput increase of 20% year-on-year, VSC in the Russian Far East posting 53% growth in this period, Global Ports said.
As VSC ceased coal handling activities in September 2021, enabling the terminal to concentrate on the Group’s core strategic operations of driving container volumes, the Group’s consolidated marine bulk throughput decreased in 2021 by 14.6% year-on-year to 4.3 million tons.
High and heavy ro-ro handling increased by 24.4% year-on-year to 25.2 thousand units, while car handling increased by 27.8% to 104.9 thousand units.
For the year 2021, Global Ports has posted a revenue increase by 30.8% to $502.8 mn (+17.1% like-for-like). Adjusted EBITDA grew by 17.4% to $246.2 mn, delivering like-for-like adjusted EBITDA margin increase of 15 basis points to 65.4%
Operating profit grew by 25.2% up to $197.1 mn. profit for the period increased by 2.9x to $143.9 mn, and free cash flow by 46.9% to $129.1 mn.
With net debt down $120.7 mn and net debt to adjusted EBITDA reduced to 2.0x (-0.9x compared to 31 December 2020) deleveraging target was successfully achieved, the Group stated.
Albert Likholet, CEO of Global Ports, commented: “The last two years have seen an extremely volatile operational environment and disruption across global supply chains and it has been vital for our customers to manage trade unbalances. As a result, we have learned that offering the right infrastructure capacity combined with a high standard of service, ensuring a clear focus on our client’s needs at the right time and in the right location, and this had a favourable reception across our client base. <…> Due to this strong performance, 2021 marks a significant milestone in the Group’s history, as we have succeeded in achieving our long-term deleveraging targets. This achievement opens up potential opportunities for revising our capital allocation approach in the future should we see more predictable environment with greater visibility.”