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Home Port News Global Ports' revenues and volumes increase during 2021 first half

Global Ports’ revenues and volumes increase during 2021 first half

Global Ports Investments PLC (Global Ports) has published its financial and operational results for the first half of the year, demonstrating a strong performance due to full imports, transit volumes and containerised export growth.

In particular, the Russian terminal operator has reported that its consolidated revenue saw a year-on-year increase of 24.6% with US$229.8 million (excluding the impact of Vostochnaya Stevedoring Company VSC transportation services), while like-for-like revenue also had a growth of 6.9% driven by an increase in both consolidated container and non-container revenue.

Furthermore, during the first six months of 2021, the Group's operating profit was US$87.4 million which translates to an 11% increase compared to the corresponding period of the previous year.

During the same period, Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) grew by 8.5% to US$113.8 million, as a result of volume growth.

In the meantime, the Russian company had a slight increase in its consolidated marine container throughput of 1.9% over last's year H1, with moves of almost 790,000TEU.

Particularly, Far East terminals had a growth of 17.8%, while terminals in Saint Petersburg and the surrounding area saw a year-on-year decline of 4.1% in their box throughput.

The overall Russian container market during the first half of the year grew by 7.6% to 2.67 million TEU, as full containerised import rose by 16% and containerised export noted a  2.2% increase.

CEO of Global Ports, Albert Likholet believes that over the last six months, "the Group has achieved a very strong set of results, both in the container and non-container segments."

"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 the container and non-container cargo handling as the world begins to emerge from the impacts of the pandemic," pointed out Likholet.

As for the rest of the year, the Group's CEO is optimistic given "the acceleration in growth momentum, in 2Q 2021, in both full container import and full container exports, combined with the thriving growth in transit volumes."

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