Monaco, August 11, 2022– R-LOGITECH S.A.M., a subsidiary of Monaco Resources Group S.A.M. and one of the leading international port infrastructure operators to the natural resources industry, today issues its first half 2022 earnings update for the period January 1, 2022 to June 30, 2022.
R-LOGITECH is pleased to report that revenue and earnings rose significantly in H1 2022. This performance came despite worldwide supply-chain challenges, inflationary pressures, ongoing COVID-19-related restrictions in China and the conflict in Ukraine. Specifically:
- Revenues increased by more than 40% to EUR 557.1 million (H1 2021: EUR 394 million)
- Adjusted EBITDA rose by more than 15% to EUR 75.6 million (H1 2021: EUR 65.3 million)
- Cash and cash equivalents amounted to EUR 76.6 million (H1 2021: EUR 95.5 million) and unutilized long-term working capital lines to a further EUR 27 million
Operational and ESG Highlights:
- Successful integration of newly acquired terminals at the Port of Hanko, Finland and Port La Nouvelle in France, where our subsidiary Euroports has been appointed exclusive operator under a 40-year concession
- Implementation of bulk berth extension in Sierra Leone
- Earnings driven by a strong increase in volumes from new and existing port terminal clients across multiple commodities and regions, as well as an excellent performance from the Company’s specialist logistics division
- Ongoing roll-out of initiatives Group-wide aimed at reducing the Company’s carbon footprint, with the commitment to implement sustainability principals that follow the United Nations Global Compact (UNGC)
Frédéric Platini, CEO of R-LOGITECH, said:
“We are very pleased with the performance of the business in the first half where we have benefited from a strong performance by our port terminals and specialist logistics business across all regions. Looking forward to the second half of the year, whilst watchful of the macroeconomic environment, we expect to further grow our revenues with new and existing customers, particularly in Europe and emerging markets.
In addition to maintaining our excellent financial performance and our focus on delivering a world class service to our customers, we remain committed to reducing the environmental impact of our operations in line with agreed global benchmarks.”
About R-LOGITECH S.A.M.:
R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The bond 2018/2023 (ISIN: DE000A19WVN8) is traded on the Open Market of Deutsche Börse AG (“Freiverkehr” of the Frankfurt Stock Exchange).
R-LOGITECH is a subsidiary of Monaco Resources Group S.A.M.
For further information:
Patrick Handley, Tom Pigott
+44 (0) 20 7404 5959
Frank Ostermair, Linh Chung
Better Orange IR & HV AG
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