During 9M 2024, Luka Koper recorded a revenue increase of 3.8% YoY, an EBITDA growth of 3.1%, and a net income of EUR 49.3m, up 3.8% YoY. Furthermore, according to its 2024 estimate and 2025 plan, it expects revenue increase of 2% YoY in 2024, EBIT to be 10% lower YoY, while the net profit is expected at EUR 50.2m, 11% less YoY. Lastly, in 2025, it expects sales revenue growth of 6% YoY to EUR 337.8m, an EBIT increase of 1% to EUR 54.3m, while investments are expected at over EUR 115m.
Starting off with the 9M results, Luka Koper recorded sales revenue of EUR 242.8m, an increase of 3.8% YoY. This came as a result of the higher volume of stuffing and unstuffing containers and other additional services on goods. On the other hand, revenue from storage fees decreased due to the shortened storage time of containers and other goods in the warehouse.
Taking a closer look at this, the maritime throughput during 9M amounted to 17.2m tons, representing a 2% increase YoY.
Luka Koper maritime throughput breakdown (9M 2024 vs. 9M 2023, tons)
Source: Luka Koper, InterCapital Research
In terms of categories, containers recorded 7.65m tons of maritime throughput, an increase of 3% YoY, or in TEUs, they amounted to 835.5k, also a 3% increase YoY. Luka Koper noted that the situation in the Red Sea caused significant delays at the beginning of the year, but this did improve after adjustments (such as longer trips around Africa), and as such some growth was recorded. Moving on, dry and bulk cargoes recorded a throughput of 3.87m tons, declining by 4% YoY, mainly due to lower throughput of coal, which was partially offset by higher throughput of fertilizers, wheat, soy, and phosphates.
Next up, Liquid cargoes recorded a throughput of 3.64m tons, a 7% increase YoY, while cars recorded a throughput of 1.1m, a 5% decline YoY, or in terms of units, 639.8k cars, an 8% decline YoY. This was also affected by the situation in the Red Sea, but also due to a larger stock of cars last year as the supply chains following the pandemic largely stabilized, leading to higher numbers last year and thus moderation this year. Lastly, general cargoes recorded 866.1k tons of throughput, a 10% increase YoY, mainly due to higher throughput of steel products and timber.
In terms of OPEX, it amounted to EUR 193.5m, an increase of 5% YoY. Labour costs were the primary driver, with a growth of EUR 10m, or 13% YoY, while the cost of materials decreased by 11%, or EUR 1.9m, and the cost of services declined by 1%, or EUR 0.5m. Labour cost growth was driven by higher salaries and a higher number of employees, while material costs were lower due to the lower cost of electricity and the lower cost of fuel.
As a result, the EBITDA amounted to EUR 78.5m, an increase of 3% YoY, implying an EBITDA margin of 32.3%, a 0.2 p.p. decline YoY. Lastly, the net income amounted to EUR 49.3m, a 3.8% increase YoY, implying a net income margin of 20.3%, remaining roughly unchanged YoY.
Luka Koper key financials (9M 2024 vs. 9M 2023, EURm)
Source: Luka Koper, InterCapital Research
Investments amounted to EUR 37m, a 24% increase YoY, which included the continued construction of Berth 12 at Pier II, and the continued shift of storage stacks at the container terminal, among others.
2024 Performance Estimate & 2025 Business Plan
Besides the results, a 2024 performance estimate and a 2025 business plan were also provided.
Luka Koper key financials (2025 plan vs. 2024 performance estimate vs. 2023 actuals, EURm)
Source: Luka Koper, InterCapital Research
In 2024, Luka Koper expects 2% higher revenue at EUR 318.5m, due to higher revenue from increased maritime throughput and larger volume of container stuffing and unstuffing services, which would be partially offset by lower revenue from storage fees. EBIT is expected at EUR 54.7m, 10% lower YoY, influenced by higher labour costs. Luka Koper expects higher costs due to the recruitment of new employees as well as the adjustment of salaries for inflation. Net income is expected at roughly EUR 50.2m, 11% lower YoY.
In terms of throughput, a 4% increase to 1.106k TEUs is expected. Car throughput is expected at 860k units, 6% lower than in 2023. Total maritime throughput is expected to reach 22.5m tons, a 1% increase YoY.
For 2025, container throughput is expected at 1.162k TEUs, a 5% increase compared to the 2024 estimate. Car throughput is expected at 885k units, a 3% increase. Other groups are also expected to record some growth. As a result, total maritime throughput should rise by 3% to 23.1m in 2025 compared to 2024.
Revenue is expected at EUR 337.8m, a 6% increase YoY, due to higher throughput and higher prices. EBIT should grow by 1%, despite higher OPEX, mainly driven by higher labour costs as recruitments and wage growth are expected to continue in 2025. As a result, the net income is expected at app. EUR 49.2m, a 2% decline compared to the 2024 plan.
Lastly, key investment projects in 2025 will include the expansion of the container terminal’s capacity, the construction of additional storage areas for cars and general cargo, the construction of a new cruise terminal, as well as the installation of new solar power plants on the roofs of existing warehouses, among others.
