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Russia’s Global Ports revenues reached $502.8 million in 2021
Posted on March 7, 2022 |
- Global Ports revenues rose by 30.8% to $502.8 million in 2021.
- Adjusted EBITDA increased by 17.4% to $246.2 million, increasing adjusted EBITDA margin 15 basis points to 65.4%.
- Operating profit rose by 25.2% to $197.1 million and the group also achieved a substantial Free Cash Flow increase of 46.9%, generating $129.1 million in 2021.
- Global Ports reduced net debt by $120.7 million allowing net debt to adjusted EBITDA to decline from 2.9x as of 31 December 2020 to 2.0x as of the end of the reporting period, achieving the group’s long-term deleveraging target.
- The recent Russian military activity in Ukraine will have a large effect on the company’s performance as major shipping lines, with the exemption of COSCO Shipping Lines, suspended all bookings to and from Russia.