SERVICES

GNV: negative net results of 9.8 million

Genova - The Board of Directors of GNV has approved the company’s results for 2017, which show the firm has yet again improved its financial performance, including revenues and assets. GNV recorded growth across all major performance indicators

Genova - The Board of Directors of GNV has approved the company’s results for 2017, which show the firm has yet again improved its financial performance, including revenues and assets. GNV recorded growth across all major performance indicators. In particular, the company recorded revenues of approximately €361 million, up 13.3% compared to 2016. The company’s profitability also improved, as the figure for its operating margin showed, increasing by 24.3% compared to 2016, to €63.6 million.

The operating results almost quadrupled compared to 2016, reaching €8.3 million, while net results, although 21% better than the previous year, were still about €9.8 million in the red, mainly due to increases in fuel prices which were only partially offset by an optimization in the fleet’s deployment. In 2017, GNV further consolidated its business model strategy with an expansion of its route network, particularly to the Maghreb region, and on global diversification, by actively pursuing leasing opportunities for the fleet’s vessels.

This resulted in growth in the volume of passengers carried across all main markets, which in 2017 amounted to 1,676,158 (+ 8.9% compared to 2016), mainly through the strengthening of routes to Morocco. In addition, increases in freight volumes were recorded, for a total of over two million linear meters (+14.2%), attributable to both the strengthening of the Civitavecchia-Palermo route, and to running the Malta route throughout the year. Lastly, the company has actively pursued its leasing program, thus enhancing the flexibility of its assets: “2017 saw the continuation of a positive trend for GNV, moving forward along the business consolidation path on which it had already embarked,” commented Pierfrancesco Vago, GNV chairman.

The gains recorded in all business segments were also supported by a significant increase in the company’s workforce, which reached 1,348 employees, +36.8% compared to 2016.

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››