The Russian port operator Global Ports has published its interim condensed consolidated financial information for the first six months of the year.
The company’s revenue increased by 18.2%, compared with 2021 first half, to US$271.6 million, while gross profit adjusted for impairment increased 28.8% to US$129.9 million.
Adjusted EBITDA also increased year-on-year by 28% to US$145.6 million, with an adjusted EBITDA margin growth of 410 basis points to 53.6%.
In the first half of 2022, Global Ports reported a loss of US$400.7 million due to an impairment of US$521.1 million. At the same time, free cash flow generation increased by 145.9% to US$151.3 million.
Additionally, deleveraging continued with net debt reduced by US$67.4 million, according to a statement.
Meanwhile, from January until June 2022, consolidated marine container traffic decreased by 22.6% year-on-year to 611,000 TEU.
“The container business of the Group in the North-West of Russia significantly reduced, while container market in the Far East of Russia remained stronger as less dependent on European container hubs and more consumer and humanitarian goods oriented,” said the company.
Global Ports added, “Availability of well invested multipurpose terminals in two basins allowed the Group to partially mitigate negative markets trends.”
