Vow Asa ( (SSHPF) ) has released its Q4 earnings. Here is a breakdown of the information Vow Asa presented to its investors.
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Vow ASA is a company specializing in providing advanced technology solutions primarily for the maritime industry, with a focus on environmental sustainability and innovative engineering. The company operates in three main segments: Maritime Solutions, Aftersales, and Industrial Solutions.
In its latest earnings report for the second half of 2024, Vow ASA reported a significant increase in revenues, reaching NOK 533.1 million, a 13.5% rise compared to the same period in 2023. For the full year, revenues grew by 10.9% to NOK 1,018.2 million. This growth was driven by strong performance across all segments, particularly in Maritime Solutions, which saw a 30.3% increase in revenues for the second half of the year.
Key financial highlights include a notable improvement in EBITDA before non-recurring items, which was NOK 35.0 million for the second half of 2024, compared to a negative NOK 53.0 million in the same period of 2023. The company’s cost reduction program also contributed to savings of NOK 44 million. The order backlog increased significantly to NOK 1,680 million, reflecting strong demand and future growth potential.
Looking ahead, Vow ASA is well-positioned to capitalize on the growing demand for environmentally compliant maritime solutions. The company has secured contracts worth over NOK 1.2 billion in the past year, and its order backlog in Maritime Solutions has more than doubled. With a streamlined cost base and a robust capital structure, Vow ASA is poised for improved profitability in the coming years.