Finland’s Meriaura Group published its financial results for 2024, with revenue up but EBITDA and net profit down on 2023’s figures. The Finnish shipping firm puts this largely down to the restructuring of its business.
Meriaura’s revenue for 2024 was EUR79.2 million (USD85.7 million), up 19.6 percent on 2023’s figure of EUR66.2 million (USD71.7 million). Its marine logistics arm was responsible for around 84 percent of revenues in 2024 – at EUR66.2 million (USD71.7 million) – while renewable energy made up the remainder, with EUR12.9 million (USD14 million).
In 2023, marine logistics made up EUR62.8 million (USD68 million) meanwhile renewable energy made up EUR3.4 million (USD3.7 million).
The company puts the growth of its renewable energy division down to the delivery of a solar thermal system to Bauer Holzenergie in Germany, the beginning of new renewable energy projects during 2024, and its acquisition of Finnish renewables firm, Rasol Oy, which took place in November 2023.
Meriaura’s EBITDA fell 2 percent, from EUR6.3 million (USD6.8 million) in 2023 to EUR6.2 million (USD6.7 million) in 2024. Net profit for the financial year, according to Meriaura, was hampered by a loss of EUR3.3 million (USD3.6 million) relating to the sale of a minority stake in Meriaura Oy to Meriaura Invest Oy, along with an impairment of EUR16.4 million (USD17.8 million) related to business restructuring. Overall, the company posted a net loss for the year of EUR-20.7 million (USD-22.4 million), compared with EUR-0.27 million (USD-0.29 million) in 2023.
According to Meriaura ceo Jussi Mälkiä, during 2024 the shipping firm increased its cargo capacity by around 15 percent via new time charter contracts. It also placed orders for two new bio-oil-powered vessels – expected to join the company’s fleet in 2026.
Discussing marine logistics, Mälkiä added: “The year was characterised by continued geopolitical turbulence and economic uncertainty, which affected the demand for spot shipments and cargo levels. However, thanks to long-term customer contracts, transport volumes remained at a satisfactory level.” Like many other players within the shipping industry, Meriaura is optimistic for the year ahead, but is airing on the side of caution primarily because of geopolitical uncertainty.
