Maritech continues positive trajectory with big increase in net profit

Molde, Norway-based aquaculture technology company Maritech has reported its second straight year of positive results, achieving a significant increase in revenue and profit in 2022. 

The company’s fiscal year 2022 results, released on 9 June, showed a 21 percent increase in revenue to NOK 185.3 million (USD 17.2 million, EUR 15.9 million), up from NOK 153.5 million (USD 14.2 million, EUR 13.2 million) in FY2021. The increase in revenue was coupled with an increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) of 29 percent to NOK 19.6 million (USD 1.8 million, EUR 1.6 million), up from NOK 15.2 million (USD 1.4 million, EUR 1.3 million).

The company’s net profit before and after tax also saw big increases in 2022. Net profit before tax jumped 682 percent to NOK 4.87 million (USD 452,000, EUR 420,000), up from just over NOK 623,000 (USD 57,900 EUR 53,800) in FY2021. The net profit after tax also increased significantly, going from a loss of NOK 684,000 (USD 63,500, EUR 59,000) in FY2021 to a gain of NOK 1.19 million (USD 110,500, EUR 102,800) in 2022.

The positive results continue an upward trajectory compared to just two years ago, when the company reported a loss of NOK 18 million (USD 1.6 million, EUR 1.5 million).

"We are presenting a result that we are proud of, which proves our strategic growth and solidity, and where our cloud solutions drive the core of the growth,” Maritech CEO Odd Arne Kristengård said.

Kristengård said in statement included with the company’s 2022 report that Maritech has made “significant progress” within all of its core areas, and has seen success with its Maritech Cloud service. The service, he said, was punctuated in 2022 with the pre-launch of a new transport management system, Maritech TMS, which will provide interactive maps and traffic data to manage company logistics with bookings, vehicles, and even CO2 emissions “connected and visualized” with live data.

“We have proved that we can be a rock-solid, modern partner to the leading companies in the world,” he said.  “Our recent investments in project management have resulted in a highly efficient delivery model with high customer satisfaction.”

Maritech CFO Thomas Brevik called the positive results a “strong achievement” for the company, especially given 2022 was a year punctuated by the proposed 40 percent resource tax on salmon farms in Norway. Norway first proposed the tax in September 2022, and while political agreements later reduced the tax rate, during 2022 the proposal caused a significant chilling effect on salmon company investment in Norway.

“Reaching our goals despite this challenging context provides us with motivation and momentum to continue our position as an industry leader within both seafood and logistics software,” Brevik said. “We remain committed to meeting our customers' needs and delivering innovative solutions that add value.”

Looking forward, Kristengård said that the company is “excited about the opportunities” coming to Maritcech in 2023.

“We remain committed to building upon our successes and continuing to lead the way in the seafood and logistics industry,” he said.  

Photo courtesy of Maritech