GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the first half of 2024.
According to the data, in the first half of 2024, GTT achieved consolidated revenues of €294.8 million, an increase of nearly 66% compared to the same period last year, while net profit reached €170.3 million, an increase of 102.7% compared to the same period last year, when it amounted to €84.0 million.
Commenting on the results, Jean-Baptiste Choimet, Chief Executive Officer of GTT, said: “With 58 orders recorded in the first half of 2024, commercial performance in our core business continues to be very strong. LNG demand remains high, as illustrated by the two final investment decisions announced in June 2024 for new liquefaction projects (Cedar FLNG and Al Ruwais), leading to additional LNG carrier needs.
GTT is pursuing its continuous R&D and innovation efforts, as evidenced by new approvals in principle obtained in the first half of 2024, notably in the field of liquid hydrogen transport. We have also finalised the development of our latest membrane containment technology, GTT NEXT1, which has obtained final approvals from leading classification societies, and is now entering the commercialisation phase.
In the field of digital solutions, the integration of VPS, a Danish company specialising in vessel performance, is proceeding as planned. We have also recorded new commercial successes, including equipping several vessels of ship-owner Latsco’s fleet with our weather routing solutions.
In January 2024, Elogen began construction of its electrolysers’ stacks manufacturing plant in Vendôme, with production scheduled to start in the fourth quarter of 2025.
These developments are part of our strategy to build a sustainable world, and demonstrate our commitment to offer the best technologies to support our customers in their decarbonisation process. Therefore, we are pursuing our efforts in sustainable innovation, in line with the objectives defined in our CSR roadmap adopted in January 2024.
From a financial standpoint, benefiting from the numerous orders received since 2021, the Group’s revenues for the first half of 2024 show, as expected, an increase of 65.8% compared to the same period of 2023, and the earnings have significantly improved as well. Consequently, taking into account the shipbuilding schedules, the Group confirms its revenue and EBITDA objectives for the 2024 financial year. An interim dividend of 3.67 euros will be paid to shareholders, reflecting the Group’s improved results”.