The Italian Sea Group S.p.A. (TISG) announced the approval of its Consolidated Financial Report and Draft Financial Statements for the year ending December 31, 2023. The company experienced remarkable growth, with revenues soaring by 24% to EUR 364 million, surpassing the previous year’s EUR 295 million. Additionally, EBITDA surged by 32% to EUR 62 million, exceeding the EUR 47 million recorded in 2022, with an EBITDA Margin of 17%. Net income witnessed a substantial rise of 54% to EUR 37 million compared to EUR 24 million in 2022.
Strategically, the company outlined ambitious objectives for 2024 and 2025, aiming for revenues between EUR 400-450 million and EBITDA margins ranging from 17% to 18.5%. This growth trajectory reflects the company’s confidence in its operational efficiency and market positioning.
TISG attributed its increased margin to several factors, including stringent cost management, enhanced production processes, expanded production capacity, and internalization of key supply chain activities. Investments totaling EUR 10.9 million were made, primarily directed towards increasing production capacity and improving facilities.
The company’s robust financial performance is underpinned by its strategic outlook, which includes delivering six mega-yachts by the end of 2024 and expanding into the semi-custom projects market to cater to a wider customer base. TISG’s success is further bolstered by its commitment to sustainability, achieving an ESG rating of BBB and implementing initiatives to reduce environmental impact and enhance social responsibility.
With a proposal to distribute a dividend of EUR 0.37 per share, representing a pay-out of 53% of the consolidated net income, TISG reaffirms its dedication to delivering value to its shareholders while maintaining a neutral financial position.
The Board of Directors also approved the Consolidated Non-Financial Report, verifying the independence of corporate bodies and confirming compliance with regulatory requirements. Marco Carniani, the Manager in charge, affirmed that the financial information presented aligns with corporate accounting standards.
Looking ahead, TISG remains optimistic about its future prospects, buoyed by its strong market position, robust financial performance, and strategic initiatives aimed at sustainable growth.
Credits: The Italian Sea Group
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