During 9M 2022, Atlantska Plovidba recorded a sales revenue increase of 38% YoY, an EBITDA growth of 46%, and a net profit of HRK 143.7m, an increase of 58% YoY.
During the 9M 2022, Atlantska Plovidba transported 4.37m tons of cargo. Coal made up 2.66m tons, or 60.8% of the total, minor bulk made up 29.8%, or 1.3m tons, iron ore made 6.8%, or 296.4k tons, and finally, grain made up 2.6% or 115k tons.
Looking at Atlantska Plovidba’s fleet, they operate 11 ships, of which, 5 are in the Panamax category, 4 are in the Supramax category, and 2 are in the Handy category. Compared to last year, Atlantska Plovidba had 1 more ship which they recently transferred to new owners in South Korea. Atlantska Plovidba also is awaiting the construction of 2 ships in the Kamsarmax category, which are due to be completed in 2023. Of the 11 operational ships, 4 are employed on a long-term lease (>1 year), while 7 are employed on a short-term lease (<1 year). Furthermore, the fleet utilization rate during 9M 2022 amounted to 96.9%. This would mean that out of 2,999 operational days, the fleet was utilized for 2,906 of them.
Moving on, the average daily freight rate in 9M 2022 amounted to USD 21,517/day. The trend of the average freight rate for the last 2 months, however, has been on of decline, with levels at app. USD 21k (as compared to over USD 22k in June/July). Because of the continued favorable environment for the shipping industry, the sales revenue increased by 38% YoY and amounted to HRK 446.3m.
Meanwhile, OPEX amounted to HRK 299.1m, an increase of 45% YoY. This was driven by material costs, which grew by 28% and amounted to 98.8m, staff costs, which grew by 20% and amounted to HRK 51.9m, but also value adjustments which were recorded during the 9M 2022, amounting to HRK 38.4m. However, with the faster top-line than OPEX growth, EBITDA increased significantly, growing by 46% and amounting to HRK 264.9m. EBITDA margin amounted to 57.74%, an improvement of 4 p.p. YoY.
Financial income amounted to HRK 26.4m, more than a 16x improvement, mainly due to better foreign exchange conditions. Financial expenses increased by 14% and amounted to HRK 41.9m. This would mean despite the improvement, the net financial result was still negative, at HRK 15.5m (56% improvement YoY). Finally, the net profit of the Company amounted to HRK 143.7m, an increase of 58% YoY. Meanwhile, the NAV of the fleet on the date of 30 September 2022 amounted to USD 215.3m, which would mean that the NAV per share amounts to USD 102.53.
Atlantska Plovidba key financials (9M 2022 vs. 9M 2021, HRKm)
Source: Atlantska Plovidba, InterCapital Research
