06 nov 2024
The Italian Sea Group (Tisg) has reported a significant increase in profits for the first half of 2024, with net income reaching 29 million euros, more than double the previous year's figure.
Revenue rose by 14.2% to 189.4 million euros, and the EBITDA margin improved to 17.1%. The company, known for its luxury yacht brands, has an order backlog of 1.32 billion euros.
Despite recent media attention due to the sinking of the Perini Bayesian yacht, Tisg remains confident in its financial stability and growth prospects, having been admitted to the Star segment, enhancing its market visibility.
The Italian Sea Group (Tisg), a leader in luxury yacht manufacturing, has achieved a remarkable financial performance in the first half of 2024.
The company reported a net profit of 29 million euros, a significant increase from the 13.6 million euros recorded in the same period of 2023.
Revenue also saw a substantial rise, reaching 189.4 million euros, marking a 14.2% growth.
The EBITDA for the period stood at 32.4 million euros, with a margin of 17.1%, up from 16.4% in the previous year.
Tisg operates under several prestigious brands, including Admiral, Perini Navi Picchiotti, Tecnomar, Nca Refit, and Celi 1920.
Recently, the company was in the spotlight due to the unfortunate sinking of the Perini Bayesian, a 56-meter sailing yacht built in 2008, prior to Tisg's acquisition of the brand.
During a conference call with financial analysts, Giovanni Costantino, the head of Tisg, addressed the incident, emphasizing that the company does not foresee any risk provisions related to the event.
He highlighted that the yacht had a successful 16-year history of sailing and racing worldwide.
Costantino also expressed pride in Tisg's admission to the Star segment, a milestone that underscores the company's commitment to transparency, governance, and financial solidity.
This achievement is expected to enhance Tisg's visibility in international financial markets and strengthen its relationships with shareholders and stakeholders.
The group's order backlog, covering both new constructions and refits, totals 1.32 billion euros.
However, financial debt increased to 33.6 million euros by the end of June, up from a net financial position of 1.5 million euros at the end of December.
This rise is attributed to dividend payments of 19.6 million euros and a significant use of working capital, amounting to 30 million euros, which facilitated project progress and subsequent revenue collection.
Tisg maintains its 2024 guidance, projecting revenues between 400 and 420 million euros and an EBITDA margin between 17 and 17.5%.