Tallink Grupp publishes 2024 Q2 financial results

Author: tallink.com
Source: tallink.com

Tallink Grupp has today published its 2024 second quarter (1 April-30 June) financial results to the stock exchange.

Reklāma

According to the Q2 report published by the company today, the group’s vessels carried a total of 1 451 768 million passengers in the quarter (1 541 081 in Q2 2023), which is 5.8% less than in the same quarter in 2023. The cargo units carried by the company in Q2 2024 increased by 1.7% compared to the same period in the previous year, totalling 86 813 units in Q2 2024 (85 359 units in Q2 2023). The number of passenger cars carried during the second quarter this year reduced by 11.4% compared to Q2 2023, totalling 209 760 (236 756 cars in Q2 2023).

The group’s unaudited consolidated revenue amounted to EUR 210.0 million (EUR 229.7 million in Q2 2023), down by 8.5% compared to the same period last year. The group’s unaudited EBITDA was EUR 46.6 million (EUR 68.5 million in Q2 2023) and the unaudited net profit for the period was EUR 6.1 million (EUR 33.4 million in Q2 2023).

The Group’s net debt was down to EUR 548.9 million as at the end of the quarter (EUR 581.0 million as at 31 March 2024) bringing the net debt to EBITDA ratio to 2.7 as at 30 June 2024.

In the first 6 months (1 January – 30 June) of the 2024 financial year, the Group carried 2.6 million passengers which is down by 1.4% compared to the same period last year. The Group’s unaudited revenue for the period decreased by 7.6% and amounted to EUR 370.4 million. Unaudited EBITDA for the first 6 months was EUR 81.1 million (EUR 95.6 million in January-June 2023) and unaudited net profit was EUR 8.7 million (EUR 28.0 million in January-June 2023).

The results of the II quarter were impacted by reduced charter revenues with 3 of the company’s vessels chartered out as at the end of the quarter (4 at the beginning of the quarter), compared to 7 vessels chartered out in the same period last year, meaning charter revenues in 2024 were significantly lower. Furthermore, two of the company’s vessels currently in lay-up (Romantika and Superfast IX, the charter contracts for which had ended), compared to no vessels in lay-up in Q2 2023. Additionally, the results were impacted by the income tax recorded on the dividends in the amount of EUR 9.2 million in the quarter.

Commenting on the results of Q2 2024, Tallink Grupp’s CEO Paavo Nõgene said:
“Considering the continuing challenging environment, we operate in today, the profit reported for Q2 this year is a stable result. Consumer confidence is showing no signs of improving and people’s personal finances under significant pressure. The political and economic turbulence across Europe and the globe have an additional impact on our region’s tourism development. We are working hard to serve as many customers on board our vessels as possible during the ongoing summer high season, and on finding the best work opportunities for our vessels currently in lay-up.”

Tallink Grupp
AS Tallink Grupp is one of the leading providers of passenger and cargo transport services in the northern Baltic Sea region. The company’s fleet consists of 14 vessels and the company operates various routes under the brand of Tallink Silja Line. Tallink Grupp’s shares are listed on the Nasdaq Tallinn Stock Exchange and Nasdaq Helsinki Stock Exchange.
www.tallink.com

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