Marel hf. has released its unaudited condensed consolidated interim financial statements for the nine months ended 30 September 2024, and a comparison with the same period in 2023 reveals several noteworthy changes.
The company's revenues decreased from EUR 1,273.4 million in 2023 to EUR 1,214.7 million in 2024. This decline is reflected in the gross profit, which decreased slightly from EUR 438.2 million in 2023 to EUR 441.3 million in 2024. However, the company's operating expenses also saw a reduction, with selling and marketing expenses decreasing from EUR 186.0 million to EUR 188.4 million, and general and administrative expenses decreasing from EUR 98.9 million to EUR 104.7 million.
The finance costs increased from EUR 43.3 million in 2023 to EUR 53.0 million in 2024, resulting in a higher net finance cost of EUR 51.8 million compared to EUR 39.7 million in the previous period. This impacted the profit before income tax, which decreased from EUR 27.7 million in 2023 to EUR 8.8 million in 2024. Consequently, the profit for the period decreased significantly from EUR 22.3 million in 2023 to EUR 2.7 million in 2024.
In terms of the condensed consolidated statement of financial position, the total assets decreased from EUR 2,599.8 million in 2023 to EUR 2,562.6 million in 2024. Notably, the total shareholders' equity also saw a decrease from EUR 1,041.6 million to EUR 1,036.3 million during the same period.
The cash flow from operating activities also experienced a decrease, with cash generated from operating activities declining from EUR 123.8 million in 2023 to EUR 79.3 million in 2024. The net cash from operating activities also decreased from EUR 53.4 million in 2023 to EUR 17.4 million in 2024.
As a result of these announcements, the company's shares have moved -1.1% on the market, and are now trading at a price of $116.42. For more information, read the company's full 8-K submission here.
