Global Ports Investments PLC together with its subsidiaries and joint venturestoday announces its operational results and publishes its interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2020.
The company says its profit for the period totaled $23.8, down 34.2%, year-on-year.
Global Ports’ revenue grew by 1.8% to $184.4 million.
Adjusted EBITDA fell by 9.6% to $104.9 million.
Albert Likholet, CEO of Global Ports, commented: “The Group’s performance over the first six months of 2020 demonstrates the validity of our strategy that has been implemented over the last two years, focusing on clients, productivity, service standards, enhanced IT solutions, deleveraging, and cost management. As a result, the Group has been able to meet the challenges of the recent volatile environment by being an efficient vertically integrated organisation with sufficient cash reserves, having effectively hedged the majority of its FX exposure.
Global Ports’ terminals are located in the Baltic and Far East Basins, key regions for foreign trade cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal and Moby Dik in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland (Multi- Link Terminals in Helsinki and Kotka). Global Ports also owns an inland terminal Yanino Logistics Park located in the vicinity of St Petersburg.
Global Ports’ Revenue for 2018 was USD 344 million and Adjusted EBITDA was USD 217.3 million. Consolidated container throughput of the Group’s marine terminals in 2019 was 1,439 thousand TEUs.
Global Ports’ major shareholders are Delo Group, one of the largest private transportation and logistics holding companies in Russia (30.75%), and APM Terminals B.V. (30.75%), whose core expertise is the design, construction, management and operation of ports, terminals and inland services. APM Terminals operates a global terminal network of 74 ports and 117 inland services facilities, giving the company a global presence in 58 countries. 20.5% of Global Ports shares are traded in the form of global depositary receipts listed on the Main Market of the London Stock Exchange (LSE ticker: GLPR).