APMT Pipavav profits slump in 2021

apmt pipavav picture

Indian APM Terminals Pipavav (APMT Pipavav) has reported financial results for the last quarter and full year of 2021 – posting a full year-on-year net profit loss of 11 per cent.

Net profit for 2021 plunged to INR 1.9 billion ($24.4 million) compared to INR 2.1 billion ($27 million) in 2020.

EBITDA also slightly dropped by 2 per cent, totalling INR 4.1 billion ($52.7 million) in full year 2021, with only revenue from operations enjoying a 1 per cent growth.

The last quarter of the year has seen positive year-on-year results with revenue from operations surging by 14 per cent up to INR 2.2 billion ($28.3 million).

Net profits and EBITDA for the Q42021 went up by 11 and 12 per cent respectively.

The container cargo business for the year has stood at 628,000 TEU.

The terminal has reported handling 77 export double stack trains originating from the Northwest hinterland of India in March 2022 – the highest ever inward trains managed at the port in a month.

In 2021, APMT Pipavav became the first Indian port connected to the Dedicated Freight Corridor (DFC), the country’s high-speed and high-capacity railway corridor dedicated exclusively for freight movement.

Other projects included the new introduced services – PIC2, CI1, NMG, and Jade Express – expanding footprint in the global markets.

The port broke its own berth productivity record last February.

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