Passenger surge for ports group amid worldwide cruise growth

The world’s largest cruise port operator has reported a 46% surge in passenger numbers for the year to March 31.

The total at Global Ports Holding rose year-on-year to a record 13.4 million on the back of expansion with the addition of new ports and the sector’s continued growth.

Adjusted profits [ebitda] rose 47% to almost $107 million as revenue grew by 47% to $172.7 million at the company which runs ports such as Nassau and Barcelona.

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The group forecast handling more than 16 million passengers in the current financial year.

The annual results showed a 34% rise to 5.8 million passengers using the group’s ports in the Americas region and 54% up in the western Mediterranean and Atlantic region to 4.5 million together with increases in other regions. 

Co-founder and chief executive Mehmet Kutman said: “The 2024 reporting period was one of significant achievement for Global Ports Holding. 

“We successfully expanded our cruise port network, completed our largest-ever investment project, and increased our shareholding at a number of key ports. 

“In addition, we strengthened our balance sheet through a successful investment-grade-rated issuance of secured private placement notes and extended the concession length at a number of 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.”

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