The world’s largest private ports operator has hailed the return of global cruises to exceed pre-pandemic levels as it emerged from the red.
Global Ports Holding (GPH) handled 9.2 million passengers in the year to March 31, against 2.4 million in the previous year.
The tripling in numbers enabled the company to report an underlying annual profit of $13.5 million against a loss of $18 million the year earlier.
Adjusted revenue rose by 191% year-on-year to $117.2 million from $40.3 million.
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The company expects passenger numbers in the current financial year to rise further to more than 15 million as it adds cruise ports in San Juan, Puerto Rico and St Lucia to its network.
Looking forward, the company said: “The medium to long-term demand trends have been largely unaffected by Covid-19. The growing appetite for leisure travel, if anything, has perhaps increased.”
Co-founder, chief executive and chairman Mehment Kutman, delivering the annual results, said: “Our cruise operations have returned to, and have in fact now exceeded, pre-pandemic activity levels.
“We are delighted with the performance in the reporting period and are very pleased with our strong start to the 2023 cruise season.
“The outlook for the cruise industry is strong and GPH is well positioned to be a key enabler and beneficiary of its continued growth and success in the years ahead.”
He added: “The outlook for the global cruise industry has perhaps never been stronger. The global cruise fleet is now fully re-deployed, occupancy rates are generally back above 100%, and many cruise lines have broken booking records for the 2023 season.
“Looking further into the future, the global cruise industry’s medium to long-term structural growth dynamics has been largely unaffected by Covid-19.
“The current cruise ship order book indicates that by the end of 2027, passenger capacity across the industry will have grown to over 40 million, a growth rate of 45% from pre-Covid levels.
“We expect this growth will be a key driver of positive organic growth at GPH over the medium to long term as passenger volumes rise across our port network.
“Most significantly, we believe that this growth increases the need for cruise ports to invest in their facilities to accommodate the growth in passenger volumes.
“GPH’s significant experience and know-how in port and destination development, destination marketing and global cruise port operations means we are well-positioned to play a pivotal role in the continued development and growth of the global cruise industry. We look forward to the future with excitement and optimism.”
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