Semco Maritime, a key player in maritime, breakbulk, project freight, cargo, and logistics, has marked another stellar year in 2023. With a steadfast focus on renewable energy, the company not only achieved record-breaking financial results but also solidified its position in the market.
2023 witnessed Semco Maritime’s revenue soar by an impressive 47% to DKK 5 billion, accompanied by a remarkable 51% increase in earnings, reaching DKK 305 million. CEO Steen Brødbæk attributes this success to the company’s commitment to sustainable growth, leveraging its offshore expertise to capitalize on opportunities in the energy sector.
The acquisition of Wind Multiplikator Group, a German full-service provider, bolstered Semco Maritime’s presence in the offshore wind service market, adding 250 employees and expanding operational capabilities.
The company’s order inflow surged by 136% to DKK 7.1 billion, predominantly driven by robust growth in the renewables segment. Despite challenges in the conventional energy sector, Semco Maritime’s order book stood strong at DKK 6.5 billion by the year-end.
Semco Maritime’s profitability witnessed a significant boost, with EBITDA increasing by 51% and the profit margin expanding to 6.1%. This stellar performance was attributed to high-capacity utilization, efficient project execution, and prudent cost management, despite material price fluctuations.
Looking ahead, Semco Maritime remains optimistic, expecting revenue in 2024 to align closely with 2023 figures, contingent upon mitigating the impact of declining conventional energy activities. The company aims to maintain profitability, targeting an EBITDA margin of 5-7% in 2024, in line with its long-term goal of around 7% by 2027.
However, uncertainties loom large, stemming from macroeconomic volatility, including higher interest rates and geopolitical tensions affecting energy prices and supply chains. Despite these challenges, Semco Maritime is poised to navigate through turbulent waters, driven by its unwavering focus on sustainability and market resilience.
