GTT posts EUR80 million Q1 revenue, up 17.2% Y/Y
GTT reports high level of orders: 25 LNG carriers and 1 FLNG
GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, announced its revenues for the first quarter of the 2023 financial year.
Consolidated revenues for the first quarter of 2023 amounted to €79.9 million, up 17.2% compared to the first quarter of 2022. Elogen’s electrolyser revenues amounted to €1.5 million in the first quarter of 2023, compared to €0.9 million in the first quarter of 2022. The Group anticipates an acceleration during the year.
Revenues from services decreased by -11.1% to €4.9 million in the first quarter of 2023, due to the decrease in pre-project studies, for which demand is fluctuating in nature, and revenues generated by assistance services for vessels in operation.
Commenting on the results, Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: “With 25 orders for LNG carriers and one floating liquefied natural gas unit order booked in the first quarter of 2023, commercial performance in our core business remains strong in the wake of an exceptional 2022. Demand for LNG remains particularly strong, as evidenced by the two final investment decisions for new liquefaction plants made in the first quarter, which will generate additional needs for LNG carrier over the coming years.
GTT is pursuing its constant R&D and innovation efforts with the ambition of being a major technological player in the decarbonisation of maritime transport. As such, we obtained several new approvals during the first quarter, notably in the field of alternative fuels.
Regarding its CSR strategy, GTT joined the United Nations Global Compact on March 13, 2023, thereby demonstrating its commitment to a sustainable and responsible economy.
From a financial standpoint, revenues for the first quarter of 2023 show a strong increase of 17.2% compared to the first quarter of 2022. Activity will pick up notably in the second half of 2023, benefitting of the growing number of ships under construction. In this context, the Group confirms its 2023 targets”.
More recently, GTT received 4 approvals in principle from the Japanese classification society ClassNK for its latest alternative fuel development projects, namely:
- a 12,500 m3 dual-fuel VLCC[6], equipped with the GTT Mark III Flex system;
- an LNG tank rated “NH3 Ready”[7], which includes NH3-compatible materials, risk assessment and gas boil-off rate management;
- an 8,000 CEU[8] dual-fuel PCTC[9] rated “NH3 Ready”;
- the RecycoolTM system, applied to LNG-powered vessels, which reliquefies excess boil-off gas to reduce greenhouse gas emissions and improve economic performance.