Tallink Grupp has today published its unaudited financial results for the first quarter of 2024 (January 1 – March 31). Historically, Q1 usually shows a loss due to lower demand during the season, but this year the company reports a profit for the quarter.
During the quarter, the company achieved an unaudited net profit of EUR 2.6 million, which is an improvement of EUR 147.4 million compared to the first quarter of last year, which was a net loss of EUR 5.4 million. The Group's unaudited consolidated revenue decreased by EUR 6.3 million compared to the same period in 2023 and amounted to EUR 160.4 million (EUR 171.2 million in the first quarter of 2023). The Group's unaudited EBITDA has improved again compared to the previous year and reached a total of EUR 34.5 million in the first quarter of 2024, which is an increase of EUR 27.2 million compared to the same period in the previous year (EUR 27.1 million in the first quarter of 2023).
The result for Q1 was positively impacted by a marginal increase in the number of passengers in the first quarter of 2024 compared to the same period last year. The ongoing charter contracts the company has for four of its vessels and the sale of the vessel Isabelle have also positively impacted the result.
The Group's investments in the first quarter of 2024 amounted to EUR 6.3 million and were made mainly in ship technical works and interior upgrades. The Group also continued to invest in improvements to its IT systems.
The company continues to maintain a strong liquidity buffer of EUR 123.9 million, combined with cash and undrawn credit facilities.
– The profit achieved for the first quarter in extremely challenging economic conditions is a combination of hard work, our current business model where some of our ships continue to be chartered out, and the successful sale of our ship Isabelle. Tallink Grupp continues to be a leaner organization that is more efficient than before, and our team continues to work hard to maintain efficiency. The economic situation both in our region and globally is very challenging, exports are under extreme pressure and consumer confidence in our markets remains low. There are a number of challenges we need to work on daily to find good solutions, and doing so while delivering fantastic cruise experiences for our customers during the upcoming high season is our absolute focus now, says Paavo Nõgene, CEO of Tallink Grupp.
According to the press release.
