FY 2024 Results
06 March 2025
Resilience Amid Uncertainty: A Commitment to Sustainable Growth
Global Investment Holdings (“GIH”), a diversified conglomerate operating in 21 different countries across 4 continents, announced its 12-month consolidated results which ended 31 Dec 2024, and commented on recent developments.
Global Investment Holdings reported Consolidated Net Profit of 3.3bn TL in FY 2024, compared to a net profit of 2.9bn TL in FY 2023. Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) is 18.2bn TL; while Consolidated Operating EBITDA is 7.7bn TL.
Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated:
As we concluded a year marked by uncertainties and challenges shaped by persistent macroeconomic difficulties and geopolitical sensitivities, we remained focused on areas where we could create meaningful impact, reinforcing our mission to generate long-term value for all stakeholders. Despite inflationary pressures and volatile market conditions, our resilient and strategically diversified structure has continued to support operational profitability. We continued to invest, expand our operations, and strategically position ourselves for the future. As we move into 2025, we are committed to sustaining this strong performance and building on our achievements.
I am pleased to report that in 2024 our performance across major business lines was well ahead of inflation as well as budget figures and that our expansion continues. Our power and mining business segments have experienced a slowdown in performance in 2024 compared to the previous year due to market conditions and inflation accounting beyond our control in the sectors in which they operate. On the contrary, to compensate, it was another record year for our ports business which is set to continue its robust growth in 2025.
The long-term outlook for the cruise industry remains highly positive, with projected fleet expansions and increasing passenger volumes. According to the Cruise Industry News Annual Report 2025, total global cruise capacity is projected to grow by 25% by 2030, reflecting a further surge in new ship orders and increasing passenger volumes. With record demand and an ever-expanding fleet, 2025 is poised to be a landmark year for the global cruise industry.
Cruise lines also reported record-breaking future bookings. The cruise industry saw continued growth in new ship orders in 2024, with strong demand for larger, more fuel-efficient vessels. As of January 2025, the current cruise ship order book is estimated to be worth close to USD 57 billion, with 67 ships on order with an average passenger capacity of 2,544, these ships will add 170,422 new berths to the market. There are currently 15 ships scheduled for delivery in 2025, which will add 38,629 berths to the global fleet.
The Chairman continued: “Major 2024 developments for the port business were:
The Chairman continued: “Naturelgaz continued to report a pleasing growth in volumes. Sales volume increased by a strong 29% in FY 2024 compared to FY 2023. Strong volume increase was mainly driven by city gas sales, which marked an increase of 48% YoY in 2024. The number of districts and towns reached 131 by the end of 2024.
The Chairman continued: “Consus Enerji’s offer was accepted for a tender announced by the Ministry of Energy and Transport of the Commonwealth of the Bahamas and the Bahamas Power and Light Company for the electricity needs of two islands, including 65 MW natural gas and solar power plants, and 20 MW storage systems, with a total capacity of 85 MW, and for the sale of electricity at a unit price based on US Dollars for a period of 25 years. The investment process for the project is anticipated to be completed in2026, with the power plants being commissioned and becoming fully operational. To participate in the tendered project with a 49% partnership, Consus Bahamas Energy Ltd., a wholly owned subsidiary of Consus Enerji, has been successfully incorporated in the Commonwealth of the Bahamas.”
“İstanbul Asset Management has also had a strong fourth quarter in 2024. Assets under management have increased substantially to 118,9bn TL as of 2024 year end. Meanwhile, our Group’s asset management companies’ combined AUM recorded 72% increase YoY, reaching 121,3bn TL.“
Commenting on the results, the Chief Financial Officer of Global Investment Holdings, Ferdağ Ildır, stated:
“We have completed a challenging year, marked by macroeconomic difficulties and geopolitical uncertainties. Throughout this period, as Global Investment Holdings, we continued to support our operational profitability through our diversified structure. I am also pleased to share that, as previously committed, we fulfilled our dividend payment of 80mn TL in October.”
Excluding inflation accounting, consolidated revenues increased by 64% YoY in 2024, while EBITDA recorded a significant increase of 73%, well above inflation. After the IAS 29 inflation adjustment, consolidated revenue grew by 3% YoY, reaching TL 18.2 billion, up from TL 17.6 billion. Consolidated EBITDA, after applying the inflation adjustment, increased by 13% in 2024 compared to the previous year, rising from TL 6.8 billion to TL 7.7 billion.
GIH reported a consolidated net profit of 3,314.7mn TL in 2024, compared to a net profit of 2,899mn TL in 2023, indicating 14% increase YoY. The bottom line incorporated non-cash expenses of depreciation & amortization amounting to 2,437.4mn TL and net foreign exchange loss amounting to 269.5mn TL. In addition, due to the application of IAS 29, there was a monetary gain amounting to 724.1mn TL in 2024.
Looking at hard currency terms, total consolidated revenues and EBITDA increased by 25% and 36%,respectively, in 2024 YoY in USD terms. Similarly, consolidated net profit went up by a strong 38% in 2024 YoY in USD terms. (The conversion was made using the period-end exchange rates of the respective years. Following the application of IAS 29 inflation accounting, the calculation was based on the period-end exchange rate, which reflects the year-end purchasing power, rather than the average exchange rate.)
On a divisional basis:
On the ports side,
Number of calls at GPH`s consolidated ports in Jan-Dec 2024 was 28% higher than Jan-Dec 2023 levels, while passenger movements at GPH`s consolidated ports in Jan-Dec 2024 was 32% higher than 2023 levels.
Average occupancy rates of the cruise ships visiting GPH`s consolidated ports was 95% in Dec 2024. The average occupancy rate of ships arriving at GPH’s consolidated ports remained above 100% throughout the year, reaching 115% in July.
2024 marked a record-breaking year for the global cruise industry, surpassing even the pre-pandemic levels of 2019. Looking ahead to 2025 and beyond, forward bookings have reached record highs, reinforcing strong growth expectations for the sector. The trend of new vessel orders and increasing passenger capacity is expected to continue. According to the 2024 Cruise Industry Annual Report, global cruise capacity is projected to grow by 25% by 2028.
Excluding IAS 29, the Port Operations segment recorded a 92% year-on-year revenue growth and an 86% increase in EBITDA in 2024. After applying IAS 29 inflation adjustment, revenues increased by 21%, reaching TL 8.5 billion, while EBITDA grew by 18% to TL 5.3 billion during the same period.
Naturelgaz, Sales volume reached 324mn Sm3 in 2024, representing an increase of 29% YoY and marking the highest annual sales volume in the company’s history. The volume increase was largely driven by the City Gas business segment. The sales volume of the City Gas segment reached 177 million Sm³ in 2024, marking a 50% increase compared to 2023. The number of districts and towns served reached 131 by the end of 2024.
Excluding inflation accounting, revenues increased by 58%, and EBITDA grew by 70%, significantly outpacing inflation. However, due to the application of inflation accounting, despite volume growth, revenues contracted by 2% year-over-year in 2024, amounting to TL 5,712 million. With the commissioning of our cost-reducing and capacity-enhancing investments, EBITDA and EBITDA margin showed a notable improvement compared to the previous year. As a result of higher sales volumes and effective cost management, EBITDA increased by 12% year-over-year after the application of inflation accounting, reaching TL 1,151 million.
Gross profit increased by 31%, reaching 1,485mn TL, based on company standalone financials.
Profit before tax, increased by 233% YoY, reaching 579mn TL, while net income was up by 162% reaching 365.6mn TL in 2024, based on company standalone financials.
The company continued its capacity-enhancing and cost-reducing investments in 2024, reaching a total investment amount of 603 million TL during the year.
The power division,
In 2024, excluding IAS 29, the Power segment recorded a 28% YoY revenue growth and a 64% increase in EBITDA. After applying the IAS 29 inflation adjustment, revenues declined by 20% to TL 1.4 billion, while EBITDA decreased by 2%, reaching TL 411 million. The application of inflation accounting was the key factor behind the decline in consolidated revenue.
The mining division, because of the decline in demand from the local and European markets, reported a sales volume of 244,230 tons in representing a 23% decrease YoY
The Company’s main export markets continued to be Spain, Italy and Egypt. Export related sales volume was 191,331 tons while domestic sales volume was realized at 52,899 tons for the period.
In 2024, excluding IAS 29, the Mining segment’s revenues increased by 21% YoY, while EBITDA contracted by 10%. After applying the IAS 29 inflation adjustment, revenues declined by 24% to TL 509 million, and EBITDA decreased by 41% to TL 101 million.
The decline in EBITDA was mainly attributable to lower sales volume as well as contracting operating margins as a result of higher inflation rates compared to fx rate hikes. The increasing focus on high value-add products provided sustainable EBITDA performance, largely compensating for the decline in sales volume .
The real estate division in 2024, excluding IAS 29, the Real Estate segment recorded a 49% YoY revenue growth and a 58% increase in EBITDA. After applying the IAS 29 inflation adjustment, revenues declined by 6% to TL 223 million, while EBITDA decreased by 5%, reaching TL 110 million.
The structural construction of our property in Karaköy has been completed. A 25-year brand and management agreement has been signed with Hilton for the hotel. The hotel is expected to commence operations and welcome its first guests by the end of 2025.
The brokerage & asset management recorded a 29% YoY revenue growth and a 20% increase in EBITDA in 2024 excluding IAS29. After applying the IAS 29 inflation adjustment, revenues declined by 14% to TL 1.8 billion, while EBITDA decreased by 2% YoY, reaching TL 703 million.
Indebtedness:
Holding consolidated net debt stood at 975mn USD (34.4bn TL) at 2024 year-end. Meanwhile, consolidated gross debt stood at 1.2bn USD. (Ports division: 947mn USD, of which 818mn USD is long term financing with a maturity of 15+ years).
Looking into the breakdown of Long-term Debt (Maturity ≥15 years):
Consolidated Net Debt/EBITDA multiplier is 4.6x at 2024. However, When entire ports business is excluded, Net Debt/EBITDA multiplier stands at 3.0x at 2024. Futhermore, when debt related to ports with a maturity of 15 years or more is excluded, Net Debt / EBITDA stands at 1.9x.
For further information, please contact:
GIH Investor Relations
Tel: +90 212 244 60 00
E-mail: investor@global.com.tr
