15 February 2024 - Nekkar ASA (Nekkar) delivered all-time high fourth quarter and yearly revenues in 2023. The revenue for the fourth quarter was NOK 179 million, up 43 percent versus the same quarter in 2022 (125). EBITDA was NOK 32 million, representing a 137 percent increase (14). Order intake was strong at NOK 242 million in the quarter (105).
“We are proud to present both a strong fourth quarter and annual results that demonstrate our ability to innovate, develop businesses and execute customer projects. Moreover, the tender activity and market outlook in the industry segments we operate in remain positive,” says Ole Falk Hansen, CEO of Nekkar.
Order intake in the fourth quarter of 2023 was NOK 242 million (105), including a USD 15 million shiplift and ship transfer system contract and a EUR 6.5 million offshore crane award. At the end of 2023 Nekkar’s order backlog stood at NOK 803 million (824).
So far in the first quarter 2024, Nekkar’s subsidiary Syncrolift has been awarded a USD 5 million engineering design project for a shiplift and ship transfer system in Chile. This award includes an option for equipment delivery valued at approximately USD 24 million.
“Syncrolift’s win rate remains impressive. I am also delighted to see that Techano Oceanlift’s new offshore cranes are gaining the attention of shipowners,” adds Ole Falk Hansen.
Nekkar reported revenue of NOK 179 million (125) in the fourth quarter 2023. EBITDA was NOK 32 million (14), equivalent to an EBITDA margin of 18 percent (10.9). EBIT was NOK 30 million (9). Cash flow from operations was NOK 29 million (38) in the quarter. Nekkar’s balance sheet remains strong with NOK 194 million in cash, no interest-bearing debt, and an undrawn NOK 200 million credit facility available at year-end 2023.
BUSINESS SEGMENT UPDATE
Nekkar’s three operational subsidiaries all showed positive revenue development in 2023. Syncrolift delivered revenue of NOK 515 million (383), Intellilift NOK 34 million (23), and Techano Oceanlift NOK 30 million (0).
Both Syncrolift and Intellilift have healthy EBITDA margins, while Techano Oceanlift has softer EBITDA margins as the company is still in the build-up phase.
“Syncrolift is a mature market leader and Intellilift’s EBITDA-margin reflects that it’s a SaaS-driven business. Techano Oceanlift’s EBITDA-margin is, as planned, negatively affected by pricing of market entry projects. We expect this to improve over time,” says Ole Falk Hansen.
FULL-YEAR RESULTS 2023
For the full year 2023, Nekkar delivered revenue of NOK 575 million, an increase of 48 percent from 2022 (388). The EBITDA result improved by 60 percent to NOK 109 million (68), equivalent to an EBITDA margin of 18.9 percent (17.5). EBIT was NOK 101 million (57) for the full year.
PRESENTATION AT 08:00 AM TODAY
Nekkar ASA will hold a live webcast presentation today at 08:00 CET. The presentation can be viewed from this URL: https://channel.royalcast.com/landingpage/hegnarmedia/20240215_20/
The presentation can be found here.