Global Ports earnings rise as passengers numbers soar 46% during year

(Alliance News) - Global Ports Holding PLC on Friday said it expects passenger number to continue ...

Alliance News 14 June, 2024 | 9:54AM
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(Alliance News) - Global Ports Holding PLC on Friday said it expects passenger number to continue growing after a strong financial 2024.

The London-based cruise port operator said in the year that ended March 31, adjusted earning before interest, taxes, depreciation, and amortisation rose 47% to USD106.9 million from USD72.7 million the previous year.

Total revenue fell 9.4% to USD193.6 million from USD213.6 million.

Over year 13.4 million passengers were welcomed, up 46% from 9.2 million.

Gross debt however increased 33% to USD897.5 million from 672.4 million during the period, driven by two bonds totalling USD145 million of long-term investment-grade project financing to develop the San Juan Cruise Port.

Global Ports increased its holding of cash and equivalents to USD161.0 million, up 36% from USD118.3 million.

Chief Executive Officer & Chair Mehmet Kutman said: "We successfully expanded our cruise port network, completed our largest-ever investment project, and increased our shareholding at a number of key ports.

"We have started the 2024 cruise season strongly and we are well positioned to be a key enabler and beneficiary of the cruise industry's continued growth and success in the years ahead."

The company became the sole owner of Barcelona Port Investments SL after purchasing a 38% stake from a minority shareholder. Whilst the terms of the transaction were undisclosed, Global Ports said the purchase price was below USD20 million and that the transaction was refinanced with a EUR15 million loan.

Since the end of the reporting period, the company signed and started operations at Liverpool Cruise Port under a 50-year concession agreement, and was awarded preferred bidder status for a 15-year concession for the Casablanca Cruise Port.

Based on existing call lists the company expects to bring in 16 million passengers in financial 2025, and nearly 20 million when including equity-accounted ports.

Global Ports shares were up 3.2% to 271.52 pence each in London on Friday morning.

By Elijah Dale, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Global Ports Holding PLC 309.25 GBX 0.08 -

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