GTT reports increased revenue and earnings in 1H20 results

Key figures for 1H20

• Revenue: €203.8 million (+66.2%).
• EBITDA: €136.6 million (+92.7%).
• 18 orders (12 LNG carriers, 2 FSUs, 1 FSRU, 3 onshore storage tanks).
• Interim dividend payment of €2.50 per share.

Highlights

• Orders that span the entire value chain.
• New service provision agreements.
• Sustained patenting effort.
• Continued targeted acquisitions.

Outlook for 2020

• Confirmation of 2020 targets, in terms of revenue, EBITDA and dividend.

CEO comments

Commenting on the results, Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: “In a context of health and economic crisis, the first half of 2020 was characterised by sustained business activity. After two years of very strong activity, LNG carrier orders remain at satisfactory levels and are accompanied by orders for floating units and onshore storage tanks that demonstrate GTT’s ability to cover the entire LNG market value chain. This level of activity is reassuring as to the dynamics of the LNG market and its long-term prospects. However, GTT keeps a special focus on developments in the markets in which it operates.

“In the field of LNG as fuel, the decline in fuel prices and the decline in new shipbuilding weighed on the six-month period. However, GTT continues to explore and support all possibilities for the development of this activity, which is a positive contributor to sustainable environmental improvement. In this regard, in order to highlight the importance of environmental factors in the Group’s conduct, we are now adopting a new base line for our logo: ‘Technology for a Sustainable World’.

“From a financial perspective, revenue for the first half of 2020 benefited from the flow of orders over the last two years and results were up sharply. As a result, considering the backlog in our order book and shipbuilding schedules, we are confirming our outlook for revenues and EBITDA for the full 2020 financial year. We are also proposing an interim dividend of €2.50, in line with our long-term policy.”

Read the article online at: https://www.lngindustry.com/lng-shipping/30072020/gtt-reports-increased-revenue-and-earnings-in-1h20-results/