Higher ferry revenues help boost Stena

2023-12-28T18:41:41+00:00 December 28th, 2023|Finance|

For the first nine months of this year, Swedish conglomerate Stena AB reported a revenue increase of SEK2,388 mill to SEK40,810 mill, compared to SEK38,422 mill at the same period of 2022.

Revenues were higher in the Ferry, Drilling and Shipping business segments but lower within the Property and New Businesses sectors, compared to 2022.

Total direct operating expenses increased by SEK357 mill to SEK25,434 mill (SEK25,077 mill in 2022) in the nine month period.

Operating expenses were higher within the Ferry and the Offshore Drilling segments offset by lower expenses within the Shipping, Property and New Businesses segments, compared to the same period last year.

Operational EBITDA for the consolidated Stena AB Group increased by SEK1,342 mill to SEK10,902 mill (SEK9,560 mill)  during the period.

Ferry revenues are generated from ticket sales, freight haulage and on board sales. Direct operating expenses consist principally of personnel costs, costs of goods sold on board the vessels, bunker fuel costs, vessel charter costs, commissions, package tour costs and other related costs.

A significant portion of these costs do not vary on account of changes in the company’s seasonal requirements, Stena explained.

Operational EBITDA decreased by SEK606 mill to SEK3,583 mill (SEK4,189 mill in 2022) in the nine month period.

Travel volumes remained strong partly offset by a softer freight market together with increased costs compared to last year, mainly related to bunkers.

Freight volumes decreased 3%, car volumes decreased 2% but passenger volumes increased by 1%, compared to last year.

Ro-ro operational EBITDA from chartering out vessels increased by SEK212 mill to SEK653 mill (SEK441 mill in 2022), mainly due to larger fleet in operation, compared to the same period last year.