In 9M 2022, TNG recorded an increase in sales of 112.6%, an EBITDA increase of 4.2x, and a net profit of HRK 65.8m (compared to a net loss of 20.2m HRK in 9M 2021).
In 9M 2022, TNG recorded an increase in sales of 112.6% (or HRK 197.2m) and amounted to HRK 372.3m. This increase can be attributed to higher exposure to the spot market. At the same time, commissions and voyage-related costs amounted to HRK 49.9m, compared to HRK 36.5m last year because the ship owner covers the voyage-related expenses, like bunkers, port expenses, agency fees. This increase is also attributed to the much higher exposure to the spot market in Q3 2022 especially, compared to Q3 2021. One of the most significant factors contributing to voyage cost increase is the drastic rise in the cost of fuel. In total, operating expenses amounted to HRK 252.2m, an increase of 43.2% YoY, mostly driven by the aforementioned increases in commission and voyage-related costs.
The Company also notes that during the year, the average TCE (Time Charter Equivalent) net daily rate amounted to USD 21,361, an increase of 84.8% YoY. At the same time, the daily vessel operating expenses equaled USD 7,077. Meanwhile, in 9M 2022 fleet utilization increased as well, growing by 3.8 p.p. YoY to a high 99.8%.
The EBITDA increased by as much as 4.2x YoY (+124.6m YoY) and amounted to HRK 163m. This increase can mainly be attributed to the higher sales due to the aforementioned utilization rate and Time Charter Equivalent rates. EBITDA margin in 9M 2022 amounted to 43.8%, an increase of 21.8 p.p. YoY.
Net interest expenses amounted to HRK 16.3m, noting an increase of HRK 3.2m in the same period in 2021. Meanwhile, net FX losses amounted to HRK 15.5m, recording an increase of almost 20% compared to 9M 2021, partially offsetting higher profitability compared to 9M 2021.
The Company recorded a net profit of HRK 65.8m, compared to the net loss of 20.2m the year before (9M 2021). This result can be attributed to several factors: higher exposure to the spot market, higher average TCE (Time Charter Equivalent) and an increase in fleet utilization.
TNG Financials (9M 2022 vs. 9M 2021, HRKm)
Source: InterCapital research
