GPH Malta Finance plc, part of Global Ports Holding (GPH) – the world’s largest independent cruise port operator – has reported a record-breaking financial and operational performance for the year ended 31st March 2025.
In its latest annual report, the company announced that it had welcomed 17.6 million passengers across its consolidated and managed port network – a year-on-year increase of 32 per cent. Adjusted revenue surged by 38 per cent to €237.8 million, while adjusted EBITDA rose by 40 per cent to €149.7 million, with a margin of nearly 63 per cent.
Expansion across the globe
During the reporting period, GPH expanded its global footprint with the addition of Liverpool Cruise Port in the UK and Saint Lucia Cruise Port in the Caribbean. Both ports made immediate positive contributions to the group’s earnings.
The company also secured a 50-year concession for Greenock Cruise Port in Scotland and was named preferred bidder for a 15-year concession in Casablanca, Morocco. In March 2025, it signed a management agreement for Mindelo Cruise Port in Cabo Verde, underlining its strategic ambitions in Africa.
GPH now operates 31 cruise ports across 18 countries and expects to surpass 21 million passenger movements in the fiscal year ending March 2026.
Strong results from Malta and the central Mediterranean
Locally, Valletta Cruise Port – part of GPH’s Central Mediterranean and Northern Europe segment – played a key role in the company’s regional growth. Segmental adjusted revenue for the region rose by 52 per cent to €33.3 million, and EBITDA increased by 67 per cent to €17.4 million.
A notable highlight for Valletta was the completion of its shore power project, enabling cruise ships to connect to the national grid while berthed, significantly reducing emissions and reinforcing Malta’s commitment to greener port infrastructure.
The Central Med region also benefited from inflation-linked revenue adjustments and increased cruise deployments to GPH’s Italian ports.
Profit before tax up 269 per cent
GPH reported a profit before tax of €52.9 million, up 269 per cent from the previous year. Net income reached €45.3 million, compared to €10.3 million in 2024.
Meanwhile, GPH continued to invest heavily in infrastructure, with net capital expenditure totalling €140.5 million across key development projects, including in San Juan, Nassau, Saint Lucia, and Liverpool.
The group’s total gross debt as at 31st March 2025 stood at €1.04 billion, reflecting additional long-term financing for these major port upgrades.
In a significant corporate development, GPH was formally delisted from the London Stock Exchange in August 2024, following a buyout offer by parent company GIH. The company transitioned to a private limited structure, with GIH now owning 90.38 per cent of its shares.
Despite the delisting, GPH stressed that its mission, values, and long-term strategy remain unchanged, with continued focus on growth, transparency, and value creation.
The company expects over 21 million passenger movements across its network in the coming year, signalling continued momentum.
