Global Investment Holdings Announces Consolidated Net Revenues of TL84.5mn and an operational EBITDA of TL22.8mn in the first quarter of 2015
12 May 2015
Global Investment Holdings Announces Consolidated Net Revenues of TL84.5mn and an operational EBITDA of TL22.8mn in the first quarter of 2015
Global Investment Holdings (GIH or the Group) reports consolidated revenues of TL84.5mn in Q1 2015, representing an increase of 27%, and consolidated operational EBITDA of TL22.8mn, representing 108% increase, compared to the same period last year.
GIH announced its financial results for the first quarter of 2015. The consolidated net revenues reached TL84.5mn compared to TL66.5mn last year, representing an increase of 27%. This increase is due to robust operating performance of business divisions in the Group with Port, Energy and Finance Divisions specifically being the largest contributors to consolidated revenues.
GIH also announced that, in the first three months of 2015, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL22.8mn, representing 108% increase compared to the same period last year. The comparable figure for the same period for 2014 was TL11.0mn.
On a divisional basis, the Group’s Port Division revenues reached TL42.5mn in the first quarter of 2015, representing a 17% increase over the same period in 2014. A significant portion of this increase is attributable to the contributions from Barcelona Cruise Port which was added to the Group’s portfolio in the last quarter of 2014. Increase in handling fees per TEU coupled with devaluation of TL have over balanced a slight decrease of volume in commercial ports, resulting in increase in turnover and EBITDA as compared to the same period last year.
The Energy Division’s revenues posted a significant turnaround in Q1 2015, surging 49% over the same period of 2014. Division revenues consisted of mainly sales from CNG and mining operations, yet Naturelgaz contributed the most, as CNG sales volumes reached 19.6mn m3 in Q1 2015, representing a 55.6% increase over the same period in 2014. Reported EBITDA of the Division totaled TL2.9mn, compared to TL2.1mn in the first quarter of 2014.
GIH reported a consolidated net loss of TL28.6mn in the first quarter of 2015, compared to a net loss of TL26.6mn in the same period of 2014. The Group’s consolidated cash EBITDA increased by TL11.8mn, compared to the same period last year, which however, is off-set by an amount of TL33mn in non-cash depreciation and amortization charges, mainly as a result of subsidiary acquisitions.
Commenting on the Global Ports’ IPO process, Kerem Eser, the Chief Financial Officer of the Group indicated that the continuation of GPH’s successful inorganic growth plans do not necessarily require a capital raising, yet it plans to evaluate other options, including collaborating with strategic investors and/or private equity.
Furthermore, Mr. Eser underlined that, the Energy Division made substantial progress in the first quarter of 2015. “Naturelgaz’s CNG sales volume increased by 55.6% in the first quarter, compared to same period last year. Finally, Mr. Eser indicated that Tres Enerji, the Group’s power solution company (tri/co-generation) and Straton, the feldspar mining company, also contributed positively to consolidated figures in the first quarter of 2015. Also helped with the ongoing investments, both companies were expected to show substantial volume improvements during the year.
You may access the Financial Results Presentation on our Investor Relations web site or through the link presented below:
GIH Q1 2015 Financial Results Presentation
Further Information:
About GIH
Global Yatırım Holding A.Ş. (Global Investment Holdings) was regrouped as a holding company on October 2004 (http://www.globalyatirim.com.tr/” href=”http://www.globalyatirim.com.tr/”>www.globalyatirim.com.tr) to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. Global Investment Holdings is listed on the Borsa Istanbul (as “GLYHO.IS”) and utilizes its experience in the finance sector for industrial business opportunities.
