Luka Koper d.d. (LKPG) Q2 2024 earnings summary

Executive summary

• Net sales reached EUR 163.3 million, up 3% year-over-year but 1% below plan; EBIT was EUR 37.3 million, exceeding plan by 26% but down 1% year-over-year.

• Net profit rose 3% year-over-year to EUR 32.8 million, 24% above plan, supported by strong financial and associate results.

• Maritime throughput totaled 11.3 million tons, down 1% year-over-year and 1% below plan, with container and car volumes also slightly below both prior year and plan.

• Investments reached EUR 20.7 million, up 7% year-over-year but 14% below plan, focusing on solar power, berth construction, and terminal upgrades.

Financial highlights

• EBITDA was EUR 54 million, flat year-over-year and 16% above plan; EBITDA margin was 33.1%.

• Return on sales (ROS) was 22.9%, down 3% year-over-year but 27% above plan.

• Return on equity (ROE) was 11.9%, down 3% year-over-year but 23% above plan.

• Net financial debt/EBITDA stood at 0.5, stable versus plan and improved from 0.6 last year.

• Operating expenses rose 4% year-over-year, mainly due to a 10% increase in labor costs.

Outlook and guidance

• Strategic plan targets 26 million tons throughput, 1.4 million TEU containers, and EUR 413 million revenue by 2028.

• Focus remains on capacity expansion, digital transformation, and sustainability, with EUR 785 million planned investments through 2028.