Global Ports Holding Plc Reports Financial Performance for Nine Months Ending December 2023

Global Ports Holding Plc, the leading independent cruise port operator globally, provided a financial update for the period from April 1 to December 31, 2023. The company reported a significant increase in passenger numbers and adjustments in revenue and EBITDA, despite a decrease in total revenue.

Throughout the nine-month reporting period, the passenger count rose by 51% to 10.2 million. Adjusted revenue also saw an impressive increase of 47% reaching $135.8 million, primarily driven by higher passenger volumes. Segmental EBITDA increased by 45% to $92.9 million. However, total revenue dropped by 13% to $151.2 million, affected by reduced construction activities, particularly at the Nassau Cruise Port.

The financial report highlighted an 18% rise in net debt excluding IFRS 16 leases, totalling $581.5 million, while cash and cash equivalents fell by 14% to $101.2 million. This change is attributed to significant investments aimed at growth outside the company's usual operations.