“Tallinn Grupp” reduces its debt and reports a profit in the first half of the year.
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According to the second quarter report published on the Nasdaq stock exchange on Thursday, the ships of the concern transported a total of more than 1.5 million passengers in the quarter, which is 0.7% less than in this quarter in 2022. Also, in the second quarter of this year, the company transported 22% less cargo units compared to last year, a total of 85,359 units (in the second quarter of 2022 – 109,380 units).
Despite this, the company’s results for the second quarter of this year generated a net profit of 33.4 million euros, which is a significant improvement when compared to the second quarter of 2022, when the company had a loss of 0.7 million euros.
The unaudited profit in the first half of 2023 is EUR 28.0 million. This is a significant improvement, as last year the losses in the first half of the year were 40.7 million euros.
“The results for the first half of 2023 are good and confirm the correctness of various decisions made over the last few years. The positive impact of charter contracts on our profits is undeniable, especially at a time when the cost of living continues to put pressure on people’s travel choices. Our current strategy is to operate with more optimal vessels number in the main lines and the chartering of the remaining ships will continue to help us on the way to recovery,” Pāvo Nēgene, Chairman of the Board of Tallink Grupp, commented on the economic results, quoted by “Delfi.ee”.
“For the rest of the year, we will focus on maintaining profitability in the next two quarters of 2023, while continuing to reduce the debts accumulated during the crisis periods, in order to reach dividend payments to shareholders again next year,” said Nägene.
The unaudited sales revenue of the group in the first half of 2023, compared to the corresponding period of 2022, increased by 28.4%, reaching 400.9 million euros (in the first half of 2022 – 312.2 million euros), according to the report published by the company.
“Tallink” continues to reduce its debts, and the net debt of the group has decreased by 73.7 million euros compared to December 31, 2022. The remaining debt of the group is EUR 664.9 million.
“Tallink” shares are traded on the Baltic Stock Exchange and at 14:00 on Thursday, their price was EUR 0.662 per share. Since the beginning of the year, the value of the company’s shares has increased by almost 25%.
2023-07-27 11:20:59
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