Meyer Turku uses good 2017 financial results to finance investments in Finland

Meyer Turku has made a third profitable year in a row with a net profit for the year of 32,2 million Euros in 2017. This profit is used to finance the 200 million euro investment program of Turku shipyard.

The revenue of the Meyer Turku Oy was 807,7 million Euros in 2017 compared to 2016’s 787,5 million euros. Net profit for the financial year rose from 26,2 million Euros (3.3% of revenue) to 32,2 million euros (4,0% of revenue).

Meyer Turku delivered two ships in 2017, first time in decades. First in January the shipyard delivered LNG powered fast ferry Megastar to Tallink and later in May fourth in a ship series, Mein Schiff 6, for German TUI Cruises.

Meyer Turku now has an investment program of 200 million euros, including for example a new 1200 ton goliath crane, a steel pre-treatment and storage facility and several large scale IT system investments. The investments are urgently needed to replace the aging machines and they are an opportunity to realize a higher capacity and productivity.

Shipyard has also been actively recruiting new personnel, head count growing from 1614 (end of 2016) to 1854 by the end of the year 2017. Meyer Turku made 296 recruitments during 2017.

"These good figures give us an opportunity to prepare for the coming years and a growing international competition. We are using these profits to finance the large scale investments we urgently need to rebuild the Turku shipyard into a modern ship assembly factory and to train our personnel and to further grow our team of ship builders in Turku”, CEO of Meyer Turku Jan Meyer comments.

Due to the long order book reaching 2024, Meyer Turku will have growing revenues in the years to come. Yet due to the efforts and costs for the development of the ship yard, the profit margins will be lower but positive during this transition time.

Meyer Turku main figures:

Year 2015:
◦Revenue 591,5 million euros
◦Earnings before taxes 16,5 million euros
◦profitability 2,8%

Year 2016:
◦Revenue 787,5 million euros
◦Earnings before taxes 26,2 million euros
◦Profitability 3,3%

Year 2017:
◦Revenue 807,7 million euros
◦Earnings before taxes 32,2 million euros
◦Profitability 4,0%

Inquiries:
Tapani Mylly
Communication Manager
tapani.mylly@meyerturku.fi
Mobile: +358-50-560 2464

Read the original press release here.