Global Ports Investments PLC has published unaudited interim condensed consolidated financial information for the six month period ended 30 June 2021.
Revenue was up 24.6% year-on-year to $229.8 mn, adjusted EBITDA up 8.5% to $113.8 mn, operating profit i[ 11% to $87.4 mn. Profit for the period made $53.9 mn, up 2.3-fold year-on-year.
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@.
“Given the acceleration in growth momentum that we saw in 2Q21 in both full container import and full container exports, combined with the thriving growth in transit volumes, we take a cautiously optimistic view on the rest of the year. Nonetheless, our priorities remain unchanged – we will continue to focus on providing high standards of service, reliability and predictability for our clients and ensuring that we strive to achieve constant improvement in our offering. This strategic approach has served us well and enabled the Group to achieve consistently strong results over the last several years, despite all the challenges the industry has faced.”
“The Russian container market proved its resilience during a challenging 2020 and demonstrated strong performance in the first half of 2021 driven by the recovery in full import, booming transit volumes and continuing growth on containerised export. We see solid market fundamentals suggesting that these trends might continue for the rest of 2021, with demand being exceptionally strong in the Far Eastern basin. The improvement of supply-demand balance in the market is expected to continue,” the Group said in a statement.
“Bulk cargo handling volumes are expected to be impacted in the second half of 2021 by the decision of the company to gradually cease coal handling at VSC concentrating on the Group’s core strategic container operations”.
“Disciplined CAPEX approach to be maintained although strong market growth and growing utilisation will require the full year 2021 CAPEX increase by around 40% compared to the full year 2020,” Global Port indicated.