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Home Port News Global Ports reports 30% revenue growth in 2021

Global Ports reports 30% revenue growth in 2021

The Russian container terminal operator Global Ports has announced consolidated revenue of US$502.8 million in 2021, representing a 30.8% increase compared to the previous year.

During the same period, the company's gross profit rose by 22.8% and operating profit increased by 25.2% year-on-year, totalling US$226 million, and US$197.1 million, respectively.

The group's finance income also saw a remarkable growth of 72.7% in 2021, generating US$4.1 million, while the free cash flow increased by 46.9% to US$129.12 million.

In addition, Global Ports' adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 17.4% year-on-year, as a result of volume growth and
revenue per TEU increase, reaching US$246.2 million.

"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," commented Albert Likholet, CEO of Global Ports.

Regarding the Russian group's operational results, they also recorded firm growth during 2021. The total container throughput of Global Ports terminals surpasses 1.5 million TEU, while the Russian marine container market achieved all-time-high volumes of 5.4 million TEU, according to the company's data.

Vostochnaya Stevedoring Company (VSC) throughput improved by 14.8% over the previous year with 520,000 TEU, while throughput of terminals in the Baltic Basin declined by 2.3% year-on-year.

"Global Ports' outlook for 2022 is impacted by increased volatility and heightened global and regional geopolitical tensions, which has immediately lowered visibility on what to expect during the year," said the group.

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