Tribox Group (TRIBO) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased to 29,505 TSEK from 7,990 TSEK year-over-year, driven by the inclusion of Elite Oil and Tekat acquisitions.

• Elite Oil showed strong sales growth of 21% in H1 2024, offsetting lower sales from Tekat.

• Cost savings are expected to have full effect in Q4 2024; investments continue to support growth.

• Tekat secured new orders worth 13 MSEK in Africa post-quarter, contributing to a total of over 20 MSEK in new contracts for 2024.

Financial highlights

• Q2 2024 net sales: 29,505 TSEK (7,990 TSEK in Q2 2023); H1 2024: 57,091 TSEK (8,011 TSEK in H1 2023).

• Q2 2024 EBIT: -2,533 TSEK (-2,721 TSEK in Q2 2023); H1 2024 EBIT: -3,119 TSEK (-4,889 TSEK in H1 2023).

• Q2 2024 net result: -3,107 TSEK (-2,988 TSEK in Q2 2023); H1 2024: -4,279 TSEK (-5,185 TSEK in H1 2023).

• Q2 2024 EPS: -0.03 SEK (-0.05 SEK in Q2 2023); H1 2024: -0.04 SEK (-0.09 SEK in H1 2023).

• Q2 2024 operating cash flow: 359 TSEK (-6,709 TSEK in Q2 2023); H1 2024: -1,451 TSEK (-8,370 TSEK in H1 2023).

• Cash and cash equivalents at period end: 6,428 TSEK (6,386 TSEK in Q2 2023).

Outlook and guidance

• Management expects long-term demand growth in core markets, with future improvements from increased sales, broader offerings, and more recurring revenue.

• No specific forecasts for revenue or profit are provided.

• Ongoing negotiations for three additional acquisitions, with at least one planned for 2024.