Record H1 revenue and EBITDA were also posted in cruise, up 21.1% and 45.5% respectively (9.7% and 29.7% in constant currency), driven by strong performance at Creuers Barcelona and Malaga cruise ports and growth in ancillary services revenues. Total consolidated revenues were $56.6m in the period, up 13.7% year over year.
Cruise activity in Venice, Lisbon and Singapore also rose strongly year over year.
Expansion in Cuba and Croatia
During the first six months of 2018, GPH signed an agreement to operate Havana cruise port – its first in the Americas — and was awarded operating rights for Croatia’s Zadar Gazenica cruise port, subject to a final concession agreement.
Other cruise-related activity saw GPH sign a partnership agreement with Dreamlines, a fast-growing online cruise travel agency.
Organic growth the driver
‘We have seen a record performance in the first half of the year, driven by good organic growth. Passenger volumes at our cruise ports have been strong and we are pleased with robust growth at our [two] commercial ports. Cruise EBITDA growth of 45.5%, corresponds to 29% in constant currency, ahead of our expectations for the period,’ said ceo Emre Sayin.
‘Despite significant volatility in Turkish lira during this period, business has not been affected because we are a global business with over 95% of revenues in hard currency. We look forward to welcoming a record number of passengers to our cruise ports in 2018 and expect to deliver full year results towards the upper end of expectations,’ he remarked.
GPH provides services for more than 7m passengers at ports in nine countries.