MOSCOW: Russian ports operator Global Ports said on Monday it had the track record to beat any global economic downturn as it showed a doubling of first half profit in its maiden results as a public company.
The firm, which raised $588 million in a London initial public (IPO) offering in June, said profit reached $82.4 million in the first six months of the year, compared to $41.4 million in the same period last year.
It added that based on the strength of the results the group would pay an interim dividend of $28.2 million, or $0.18 per share.
Looking ahead, Global Ports said it was braced for an economic downturn if or when one materialises.
"While there is uncertainty about the outlook for the global economy, Global Ports has a track record of having successfully navigated the recent financial crisis," the group said in a statement.
"Global Ports is on solid footing to capitalise on growth opportunities ... particularly in the under-penetrated and fast-growing Russian container market," it added.
Shares in Global Ports have bucked the trend of other Russian newly public stocks in that they are trading higher than their listing price.
They closed on Friday at $17.3 a global depository receipt (GDR), compared to a debut price of $15.
"We expect Global Ports' results to be supportive for its shares. Container transhipment is benefiting from the substantial growth of imports, and remains the fastest-growing segment of port business in Russia," Renaissance Capital analyst Dmitry Kontorshchikov said in a note last week.
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