GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, announces its results for the 2023 financial year.
Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said: “With a total of 73 LNG carrier orders, two ethane carrier orders, and one LNG unit order in the financial year 2023, the commercial performance of our core business remains buoyant. Demand for LNG remains particularly high and sustainable, as borne out by the number of final investment decisions for new liquefaction plants – involving substantial volumes – that were confirmed at the beginning of the financial year. Continued strong demand for LNG, coupled with the construction of new liquefaction plants, will continue to fuel further demand for LNG carriers. In addition, with the aging of fleets and the introduction of new environmental regulations, the replacement market is expected to grow in the coming years.
For LNG as fuel, GTT booked 15 orders in 2023, with commercial momentum benefitting from a return to normal LNG spot prices.
In 2023, Ascenz Marorka was awarded several major contracts with leading shipowners, highlighting the relevance of our digital solutions. Furthermore, we are also announcing the acquisition of VPS, a Danish company specialising in ship performance management.
Finally, Elogen, our subsidiary specialising in PEM electrolysers for green hydrogen production, posted a strong increase in revenues. With the January 2024 launch of construction of its gigafactory in Vendôme, Elogen also achieved a major milestone in its move towards mass production.
The GTT Group continues to pursue its ongoing efforts in R&D and innovation, as evidenced by the numerous new approvals obtained from classification societies in 2023, notably in the fields of alternative fuels and liquid hydrogen transport.
On the financial front, revenues rose significantly in the financial year 2023 – up 39% compared to 2022 – driven by the progressive increase in the number of LNG carriers under construction, Elogen’s growth, and the services business line. EBITDA increased by 46% in 2023 to stand at 235 million euros, due to sound cost management and the absence of significant delays in shipbuilding schedules.
GTT benefits from very strong visibility on its core business over the coming years, with cumulated revenues for the period from 2024 to 2029 amounting to 1,815 million euros. Regarding our outlook for the current year, considering the distribution of order book over time, we estimate that consolidated revenues for 2024 should be within the range of 600 to 640 million euros, and consolidated EBITDA within the range of 345 to 385 million euros, and we maintain our commitment to distribute at least 80% of the Group’s net income for the 2024 financial year.”
Source: Hellenic Shipping News
