AS Storent Holdings interim report for 3d quarter 2024Insider information, 2024-10-31 14:45 CET --
The third quarter is the main profit-generating period for the Storent group. To use this market trend, the Group focused on the integration of large-scale investments in the fleet, therefore maximizing the profit gained this year. The strategy paid off, in the third quarter alone the Group made a net turnover of 13,5 million euros, 4,9 million euros in EBITDA, and nearly 1,4 million euros in net profit. Because of the successful management of the additional fleet during the high season, the net revenue increased by 18% and the EBITDA increased by 79%, compared to the second quarter.
Successful investments resulted in a significant revenue and profitability improvement, rental income from own equipment increased by 16%, while rent income from splitrent equipment was only 3% and it resulted in EBITDA increased by 16% compared to the third quarter of 2023. In nine-month company reached 159 thousand euros profit before tax.
During the first 9 months of 2024, Storent invested 22 million euros in the replacement and expansion of its fleet, which is the largest amount Storent has ever invested during one calendar year. As a result, total assets have increased by 21% in nine months: from 103.8 million euros by the end of 2023 to 126 million euros by the end of September 2024.
On 8 August 2024 Storent initiated voting for Noteholders with an offer to change the Net Debt / EBITDA financial indicator, which was affected in the framework of the investments. The voting ended on 5 September 2024, investors holding 57,8% of the principal amount of the outstanding Notes submitted their votes, and 98,6% of those Noteholders voted “yes” to the proposed amendments. As a result, the changes were approved. Additionally, the Group was named 88th among the TOP 101 of Latvia’s Most Valuable Enterprises, a socially significant initiative organized by Prudentia and Nasdaq Riga.
In the Baltic region, Storent is involved in all the biggest construction projects and has ongoing cooperation with the military segment. In the Nordics, Storent focuses on expertise in telehandlers and lifting solutions. According to the strategy, the company substituted splitrent with own equipment, thus improving overall results in each region.
In the fourth quarter the group is planning to fulfill the investments plan. Management teams of all countries are creating tailored business strategies for next year, based on market prognosis and situation within the company.
Baiba Onkele
Storent Holdings CFO
Mobile: + 371 29340012
E-mail: baiba.onkele@storent.com
www.storentholding.com
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