Orşova Shipyard - profit of six million lei last year, up 72%

Orşova Shipyard (SNO) reported a preliminary net profit of 5.9 million lei, up 71.9% compared to the previous year, while business remained at almost 100 million lei, according to the river shipbuilder's report published yesterday on the Bucharest Stock Exchange (BVB) website.

Last year, five ships were completed and delivered to external customers at the company's headquarters, namely a 135-meter-long tanker, two 110-meter-long tankers, an 86-meter-long container ship and an 80-meter-long passenger ship. The buyer was the Dutch company Rensen-Driessen Shipbuilding from the Netherlands, with deliveries made in the port of Rotterdam.

Total expenses amounted to 93.4 million lei, 3% below those of the previous year. Inventory expenses were 31.4 million lei, down 27.5%, while employee benefits expenses amounted to 34.8 million lei, 14.4% higher than those of 2023. The operating result was 6.6 million lei, 85% higher than that of the previous year, while the company recorded a gain of 0.94 million lei from financial activities, almost three times higher than that of 2023.

Last year, Sea Container Services and SIF Muntenia (currently Longshield Investment Group) carried out a takeover bid 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 them to delist Orşova Shipyard. The two entities had concluded a cooperation agreement by 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 Orşova river ship manufacturer amounts to about 78 million lei.