In 2024, Luka Koper recorded a 6% YoY revenue increase, 7% EBITDA growth, and a net income of EUR 60.3m, up 7% from 2023. Additionally, the company exceeded its 2024 targets, surpassing its revenue plan by 2%, EBITDA by 20%, and net income by 26%, reflecting a strong performance despite early-year security challenges and ongoing inflationary pressures.
Starting off with the top line, Luka Koper recorded net sales revenue of EUR 330.1m, marking a 6% YoY increase and surpassing the planned target 2%. This growth was primarily driven by a higher volume of container stuffing and unstuffing, as well as an increase in ancillary services on goods, with revenue increasing EUR 26m YoY from higher maritime throughput. However, revenue from storage declined by EUR 7.5m YoY, primarily due to shorter storage time of containers and other goods. Compared to the plan, revenue from maritime throughput, container stuffing and unstuffing and other ancillary services increased by EUR 11.2m, while revenue from storage decreased by EUR 2.7m.
Taking a closer look at this, maritime throughput reached 23m tons, reflecting a 3% YoY increase and exceeding the planned target by 2%.
Luka Koper maritime throughput breakdown (2024 vs 2023, tons)
Source: Luka Koper, InterCapital Research
In terms of categories, containers throughout totaled 10.2 tons, a 4% YoY increase, equivalent to 1,133,340 TEUs, up 6% YoY. The Company noted that security issues in the Red Sea caused significant delays early in the year. However, from April 2024 onwards, maritime transport gradually normalized as shipowners reinforced their fleets and added ships to rotations. Moving on, dry and bulk cargos throughput amounted to 5.2m tons (-2% YoY), liquid cargo throughput reached 4.8m tons (+7% YoY), while cars throughput totaled 1.55m (-1% YoY), or in terms of units, 884.7k cars (-3% YoY), with decline primarily due to lower car sales in key markets. Lastly, general cargoes throughput reached 1.2m tons, representing an 8% YoY increase.
OPEX amounted to EUR 268.6m, reflecting a 4% YoY increase. Labor costs were the primary driver, rising by EUR 14.8m (+13% YoY) due to a higher average number of employees, increased use of agency workers and salary adjustments for inflation. On the other hand, material costs declined by 8%, or EUR 1.8m, and service costs felly by 3%, or EUR 2.2m. These cost reductions were driven by lower energy expenses (due to reduced electricity consumption and lower electricity prices), decreased motor fuel costs and spare part expenses, and lower port service costs resulting from a decline in maritime car transshipment and lower maintenance costs.
As a result, EBITDA reached EUR 100.5m, reflecting a 7% YoY increase, with an EBITDA margin of 30.5%, up 0.5 p.p. compared to 2023. Net income amounted to EUR 60.3m, also increasing by 7% YoY, with a net income margin of 18.3%, up 0.3 p.p. YoY.
Luka Koper key financials (2024 vs 2023, EURm)
Source: Luka Koper, InterCapital Research
Finally, investments totaled EUR 55.5m, reflecting a 33% YoY increase. Key investments included completion of solar power plant installations, ongoing construction of Berth 12 at Pier II, relocation of storage blocks at the container terminal, construction of a multipurpose warehouse for general cargo and other infrastructure improvements.
Luka Koper’s 2025 Business Plan was published alongside the 9M 2024 results. If you missed the announcement, click here to check out the outlook for 2025.
