EUROKAI (EUK3) Q2 2024 earnings summary

Executive summary

• Revenue increased by 9.4% year-over-year to €120.4 million, driven by higher volumes in Italy and improved storage income.

• Consolidated net profit rose to €34.5 million from €30.8 million, supported by higher EBIT and improved income from equity investments.

• Container terminal throughput grew 10.7% to 6.016 million TEU, with notable gains in Italy, Germany, Morocco, and Cyprus.

Financial highlights

• EBIT increased to €24.0 million from €22.8 million year-over-year.

• Earnings before taxes (EBT) rose to €42.2 million from €34.0 million.

• Earnings per share improved to €1.76 from €1.66.

• Cash flow from operating activities was €27.5 million, up from €22.7 million.

• Equity ratio increased to 66% from 65% at year-end 2023.

Outlook and guidance

• Marked improvement in consolidated net income expected for full year 2024, with both CONTSHIP Italia and EUROGATE segments outperforming previous forecasts.

• Positive handling trends and increased storage income are expected to continue supporting results.

• No liquidity concerns identified; sufficient capacity reserves at terminals.