Orşova Naval Shipyard - increasing profit and decreasing revenues, in the first nine months of the year

A.I.
English Section / 12 noiembrie

Orşova Naval Shipyard - increasing profit and decreasing revenues, in the first nine months of the year

Versiunea în limba română

The company concluded, last week, two contracts worth 8.6 million euros, for the delivery of two ships in the Netherlands

The Orşova Naval Shipyard (SNO) reported, for the first nine months of the year, a profit of 5.6 million lei, with 41.2% more than at the end of September 2023, as expenses decreased in a faster pace than revenues, as can be seen from the river ship builder's report published yesterday on the website of the Bucharest Stock Exchange (BVB).

"In the nine months of 2024, at the main headquarters of the company, a number of five ships were completed and delivered to external customers, namely a 135-meter-long tank, two 110-meter-long tanks, an 86-meter container ship length and a passenger 80 meters long; in the corresponding period of the previous year, five ships were also completed and delivered," the report states.

According to the document, the 86-meter-long container ship, although it was completed in the first nine months of the year, the transfer of ownership was made upon arrival in Rotterdam, but revenue recognition took place in October 2024, in accordance with the contractual clauses.

In the first nine months of the year, the company's operating revenues amounted to 72.4 million lei, 11.8% below those of the same period last year, while operating expenses were 66.1 million lei, down by 15% compared to the January-September 2023 period. Inventory expenses decreased by 39.5%, up to 22.5 million lei, while expenses with employee benefits remained relatively stable, at 24.8 million lei.

Under these conditions, Orşova Naval Shipyard achieved, in the first nine months of the year, an operating profit of 6.32 million lei, 48.3% more than at the end of September 2023, a result to which was added a profit of financial activities of 0.68 million lei.

Last week, the company concluded two contracts for the construction and delivery of two river vessels to the Dutch company Rensen-Driessen Shipbuilding, worth 8.58 million euros.

For this year, the Orşova Naval Shipyard has budgeted operating income of 102.4 million lei, slightly above last year's, of 99.8 million lei, and an operating profit of 5.77 million lei, with 61, 8% higher than that of 2023.

In February, Sea Container Services and SIF Muntenia (the current Longshield Investment Group) carried out a takeover offer, as a result of which they reached a concerted ownership of 94.1% of the river ship manufacturer, below the 95% threshold that would have allowed the delisting of Orşova Naval Shipyard. The two entities had concluded a cooperation agreement until the end of April this year, so they were eligible to launch the offer, probably with the aim of delisting the company. The stock market valuation of the producer of river ships from Orşova amounts to approximately 85 million lei.

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