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OT Logistics SAOT Logistics posts PLN 33.2 mln EBITDA in H1, counts on cargo recovery
OT Logistics Group had PLN 33.2 million (EUR 7.8 mln) EBITDA and PLN 0.3 million (EUR 70.2k) net profit in the first half of 2024, the company said in a market filing. The management of OT logistics expects a recovery in the cargo segment, although the situation in the port industry remains challenging.
OTL Group's consolidated revenues in the first half of 2024 amounted to more than PLN 161 million (EUR 37.7 mln). The Group recorded a net profit of PLN 0.3 million (EUR 70.2k), and due to declines in results at the port and shipping activities, and EBITDA amounted to PLN 33.2 million (EUR 7.8 mln).
"The first half of 2024 was a very challenging time for the OTL Group, as well as for the port and logistics industry as a whole, mainly due to market conditions, which consisted of several negative trends," company's CEO Kamil Jedynak said.
"These are the continued stagnation in thermal coal imports, the slowdown in the metallurgical and steel industry and weaker agro transshipments as a result of the deregulation of this segment and the limited supply of grain for export due to low prices on international markets," he added.
He added that the market situation, especially in the port business, continues to be challenging, but slowly there are signs of improving trends.
The management estimates that an economic and cargo recovery is expected in the near future. The company expects a good season for agro commodities. In the case of demand for commodities such as coal and ore, EU policy, among others, has an impact. OTL Group will match the capacity of the services it provides to current trends.
pr/ nl/