OT Logistics expects to exceed PLN 300 million in revenue in 2022 

OT Logistics expects to exceed the assumption of approximately PLN 300 million in revenue in 2022, reported President Konrad Hernik.

W The first quarter of this year OT Logistics recorded PLN 5.86 million of consolidated net profit allocated to shareholders of the parent company in the first quarter of 2022 against PLN 47.24 million of profit the year before. The operating profit was PLN 11.15 million compared to PLN 20.22 million in profit the year before. EBITDA was PLN 21.03 million respectively compared to PLN 32.93 million the year before. Consolidated sales revenue reached PLN 69.06 million in Q1 2022 versus PLN 219.23 million the year before.

Our sales today are about PLN 70 million for the first quarter. Let me remind you that the original plans of the company were about PLN 300 million this year. Looks like those forecasts will be crossed.

Konrad Hernik, President of OT Logistic

Commenting on these results, the company pointed out that despite its concerns, despite the sale of part of the assets, it did not lose its ability to generate good results. In the first quarter of 2022, weather conditions had a negative impact on sales revenue, but as early as March, the economic environment changed positively. The repercussions of the outbreak of war and the imposition of sanctions caused increased interest in port handling and forced customers to plan diversification of supplies.

The President estimated that this would have a very positive impact on the possibilities of increasing sales and improving results in the following quarters.

We have a situation of unnatural porting. The situation is unusual, we try to serve all customers, above all strategic ones, we try to give priority to Ukrainian customers. There is no need to hide, market rates have increased and port activities are more profitable today than in previous years. It translates into our results. The market rates and freight forwarding activities and port activities are considerably higher than in the previous year, which will increase the OTL Group's profitability in the following quarters, which we are counting on very much.

Konrad Hernik, President of OT Logistic

Revenues in the first quarter of 2022 amounted to PLN 69 million and were lower by over PLN 150 million, i.e. by 68% y/y, mainly because of the exclusion from consolidation of revenues from C. Hartwig Gdynia's operations – specializing in shipping of a maritime company, which was sold in October 2021. The lower revenue in the shipping segment was also affected by other divestments undertaken in 2021, explained.

OTL Group revenues from continued operations achieved in the first quarter of 2022 were higher by nearly 6% y/y, with sales recorded in freight forwarding increased by more than 40%.

In February OT Logistics stated that it plans to obtain about PLN 300 million of consolidated sales revenue, over PLN 45 million of EBITDA result and over PLN 19 million of net result in 2022.

Source: ISBnews