Global Ports Holding has reported net income of $10.3 million on adjusted revenues of $172.7 million for its fiscal year ended March 31, 2024, compared to a net loss of $!0.5 million on adjusted revenues of $117.2 million for the previous year, according to its recently released 2024 Annual Report.

The company said that the year-over-year increase was driven by higher passenger volumes and the impact of new ports.

For its fiscal 2024, Global Ports reported 13.4 million passengers in 31-company operated ports, compared to 9.2 million for fiscal 2023.

A regional breakdown attributed 36 percent of the revenue to the Americas, 23 percent to the Western Mediterranean and Atlantic ports, 20 percent to the Eastern Mediterranean and the Adriatic, 13 percent to the Central Mediterranean and Northern Europe, and 10 percent to other locations and ancillary port services.

Looking forward, Global Ports said that the outlook for the cruise industry remains positive supported by the near-term booking trends and the robust cruise orderbook, and that the continued growth necessitates significant investments in port operating infrastructure and operating capabilities to effectively manage the expansion.

For the company’s next 12-month period to March 31, 2025, it expects to handle 16 million passengers, up 20 percent from its fiscal 2024.

Global Ports mainly derives its revenues primarily from port terminal services, berthing and mooring, and pilotage and towage, as well as from ancillary service such as stevedoring and waste removal, destination and shoreside services, area and terminal management, and crew services.