During H1 2024, Luka Koper recorded revenue growth of 3% YoY, a roughly similar EBITDA level, and a net income of EUR 32.1m, a 2% increase YoY.
In H1 2024, Luka Koper recorded sales revenue of EUR 161.7m, an increase of 3% YoY, but a decrease of 1% compared to what was planned for the period. This is a result of higher revenue from the higher volume of stuffing and unstuffing of containers and other additional services on goods. On the flip side, the growth was offset by lower storage fees, as the storage time of containers and other goods in the warehouse was shortened.
Breaking the revenue down by maritime throughput, overall, it amounted to 11.3m tons, a slight 1% decrease YoY. Looking at the cargo groups themselves, general cargoes grew by 9% YoY and amounted to 563.3k tons, mainly as a result of higher throughput of steel products. Containers meanwhile, recorded roughly the same amount YoY, amounting to 5.06m tons. Luka Koper noted that due to the unstable situation in the Red Sea, there were significant delays in January 2024 at the terminal both on the direct connections with the Far East and on connections with Mediterranean ports. This improved in Q2 2024, with the container throughput increasing by 5% compared to Q2 2023. Most of the ships on the lines from the Far East to the Adriatic Sea sail around Africa, with both lengthened transit time, but also improved punctuality of arrivals in the Adriatic ports. Cars meanwhile, recorded 7% lower amounts transported, at 715.1k tons, while in terms of units, it was 9% lower. This lower throughput was affected by ship delays, mainly related to the Red Sea and the conflict in the Middle East. Furthermore, due to a large shortage of vehicles in the post-pandemic period, a greater increase in vehicle throughput was achieved in 2023, meaning that what is happening now, excl. the Red Sea effect is more of a normalization effect. Moving on, liquid cargo throughput grew by 4% YoY to 2.35m tons, while dry and dry bulk cargoes declined by 6% YoY, to 2.6m tons, mainly due to lower throughput of coal. This decline was offset by a higher throughput of fertilizers, wheat, and phosphates.
Luka Koper maritime throughput breakdown (H1 2024 vs. H1 2023, tons)
Source: Luka Koper, InterCapital Research
In terms of operating expenses, they amounted to EUR 128.2m, growing by 4% YoY. Growth across all types of costs except the cost of material was recorded. Employee expenses grew the most, increasing by 10% YoY to EUR 53.5m, due to the higher number of employees and due to salary adjustment for inflation. Following them we have the cost of services, which grew by 4% YoY to EUR 42m, while on the other hand, the cost of materials declined by 14% YoY to EUR 9.7m. Inside this category, the cost of spare parts decreased, the cost of electricity was lower due to lower consumption and lower electricity prices, while the cost of motor fuel was reduced due to lower consumption.
Because of these developments, EBITDA remained unchanged YoY, amounting to EUR 52.5m. This would imply an EBITDA margin of 32.5%, a 0.95 p.p. decline YoY. Another positive change was recorded in the net financial result, which grew by 71% YoY to EUR 3.38m, mainly as a result of higher financial income (+60% YoY to EUR 4.18m), as a result of returns achieved from short-term bank deposits and treasury bonds. Financial expenses also grew, by 25% YoY to EUR 804k, slower than fin. income growth. As a result of this, the net income slightly grew as compared to EBITDA, increasing by 2% YoY to EUR 32.1m, implying a net income margin of 19.9%, a slight decline of 0.23 p.p. YoY.
Luka Koper key financials (H1 2024 vs. H1 2023, EURm)
Source: Luka Koper, InterCapital Research
Taking a quick look at the investments, in total they amounted to EUR 20.7m in H1 2024, growing by 7% YoY, but being 14% below the 2024 plan. This investment cycle included the installation completion of solar power plants and continued construction of the Berth 12 at Pier II, relocation of the storage blocks at the container terminal, relocation of pipelines at Pier II, and the replacement and upgrading of the fuel recharging stations.
