Home / Shipping News / International Shipping News / Grupo TMM Reports 2021 Second Quarter Financial Results

Grupo TMM Reports 2021 Second Quarter Financial Results

Grupo TMM, S.A.B., a Mexican Maritime-management transportation and logistics Company, reported today its financial results for the second quarter of 2021.

José F. Serrano, Chairman of Grupo TMM, said, “Grupo TMM’s revenue and EBITDA continues to recover quarter by quarter and it will continue for the rest of the year, thanks to the efforts of our General Management and our collaborators to reinvent the Company. We’ve leveraged our experience, cost optimization and customer diversification strategies, and implemented technological transformation, all of which will enable our recovery.

“Thanks to our experience and the trust of our customers, the Company was awarded new long-term contracts for its own vessels that will help increase revenues, operating margin and market share. At the same time, Grupo TMM is prepared for the reactivation of cruise activities in national ports, mainly in the Mexican Caribbean, which began with its first calls in June 2021, thanks to the control of the COVID-19 pandemic.

“Management and shareholders have confirmed their confidence in the performance of the Company through the capitalization of liabilities, which also improves our debt profile.

“Grupo TMM is ready to capitalize on opportunities and challenges, materialize its projects, and make strategic alliances with world-renowned companies to continue to provide integrated transport, logistics, storage and distribution services, as well as seek sustainable growth and development.”

SECOND-QUARTER 2021 OPERATING AND FINANCIAL RESULTS

Consolidated revenue in the second quarter of 2021 was $300.7 million, compared to $276.4 million in the same period of the previous year. Consolidated revenue for the first six months of 2021 was $569.0 million compared to $635.3 million for the same period of the previous year. The Company continues its recovery trend quarter by quarter, thanks to its diversification and customer service strategy, and the gradual reactivation of the economy, as well as of the energy industry.

The consolidated operating result in the second quarter of 2021 resulted in a loss of $31.9 million, of which was $9.4 million in non-recurring operations, representing 29.5 percent. The consolidated operating result in the first six months of 2021 resulted in a loss of $131.8 million, of which $58.6 million was from non-recurring operations, representing 44.5 percent, mainly due to the sale of the chemical tanker “Olmeca” during the first quarter of the year.

Maritime revenue in the second quarter 2021 was $206.9 million compared to $176.7 million in the same period of the previous year, mainly due to a greater number of stopovers in the bulk carrier segment and a greater number of jobs in the shipyard derived from the gradual recovery of the industry and the economy, partially offset by the decrease in volume transported in parcel tankers. Maritime revenue in the first six months of the year was $382.9 million, compared to $382.3 million for the same period of the previous year.

Maritime operating income in the second quarter of 2021 was $16.8 million compared to $15.8 million in the same period of the previous year. During the first six months of 2021, Maritime operating income was $19.7 million. Maritime operating results continue to recover quarter by quarter, thanks to customer diversification and cost optimization strategies, as well as the gradual recovery of the industry.

Maritime EBITDA in the second quarter of 2021 was $20.9 million and EBITDA margin was 10.1 percent. For the first six months 2021, Maritime EBITDA was $28.5 million and accumulated EBITDA margin was 7.4 percent.

Ports and Terminals revenues in the second quarter of 2021 was $63.0 million, practically at the same level as the $63.7 million of the same period of the previous year. During the first six months of 2021, Ports and Terminals revenue was $126.2 million, which maintained the trend of the first quarter while still being affected by the prolonged impact of COVID-19 pandemic since March of last year with the total stoppage of cruise ships and then the resumption of activity in June 2021.

Ports and Terminals operations results in the quarter resulted in a loss of $2.2 million, compared to a loss of $11.9 million reported in the same period of the previous year. During the first six months of 2021, the operating result of the Ports and Terminals registered a loss of $9.0 million.

Ports and Terminals EBITDA in the second quarter of 2021 was $7.0 million and EBITDA margin was 11.2 percent. For the first six months 2021, Ports and Terminals EBITDA was $9.9 million and accumulated EBITDA margin was 7.9 percent.

Warehousing Services revenue was $30.8 million in the second quarter of 2021. During the first six months of 2021, Warehousing Services revenue was $59.9 million.

DEBT

As of June 30, 2021, Grupo TMM’s net debt was $88.3 million, and our cash position was $114.2 million. Additionally, the cost of debt decreased 37.9 percent.

Headquartered in Mexico City, Grupo TMM is a Mexican Maritime-management transportation and logistics Company. Through its branch offices and network of subsidiary companies, Grupo TMM provides a dynamic combination of Maritime services port management and logistics. For more information on Grupo TMM, please visit the company’s web site at www.grupotmm.com. The site offers Spanish/English language options.

Included in this press release are certain forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements speak only as of the date they are made and are based on the beliefs of the Company’s management as well as on assumptions made. Actual results could differ materially from those included in such forward-looking statements. Readers are cautioned that all forward-looking statements involve risks and uncertainty. The following factors could cause actual results to differ materially from such forward-looking statements: global, US and Mexican economic and social conditions; the effect of the North American Free Trade Agreement on the level of US-Mexico trade; the condition of the world shipping market; the success of the Company’s investment in new businesses; risks associated with the Company’s reorganization and restructuring; the ability of the Company to reduce corporate overhead costs; the ability of management to manage growth and successfully compete in new businesses; and the ability of the Company to restructure or refinance its indebtedness. These risk factors and additional information are included in the Company’s reports on Form 6-K and 20-F on file with the United States Securities and Exchange Commission.

Source: Grupo TMM

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping