Meyer Turku reaches turnaround and reports positive result from 2024
Meyer Turku Group's turnover increased and result turned positive.
Meyer Turku Group's financial result for 2024 has been published. The company's turnover was 1.80 billion euros, which marks a growth of 28 percent compared to the previous year. The net profit for the financial year 2024 was 68.9 MEUR (3,8% of the turnover).
“We have now seen the anticipated turnaround and today have a healthy order backlog. Reaching this result also supports us in our ongoing negotiations for future financing”, says Lari Niemi, CFO of Meyer Turku.
“Meyer Turku has a leading position as the builder of the world's most advanced cruise ships. The demand for our products is growing along with the strengthening cruise market and the increasing interest in more sustainable and energy-efficient products. Even in the more challenging years, we have consistently invested in the green transition and in driving change across the whole maritime industry”, adds Tim Meyer, CEO of Meyer Turku
The latest delivery from the Meyer Turku shipyard is Mein Schiff 7 from June 2024. It is the first methanol-ready ship built at the Turku shipyard.
Under construction at the shipyard are the second ship in the Icon series, Star of the Seas, to be delivered in summer 2025, as well as the third, Legend of the Seas, that will be completed in 2026, followed by Icon 4 in 2027. The shipyard also has options for Icon 5 and Icon 6.
In addition to cruise ships, Meyer Turku is also capable of offering products of strategic national importance: the company will be delivering two multi-purpose offshore patrol vessels to the Finnish Border Guard.
2024
2023
2022
Turnover, M€
1826.9
1432.5
1295.5
Net profit / loss for the financial year, M€
68.9
-103.8
-15.6
Profit / loss for the financial year, % of turnover
3.8
-7.2
-1.2
Investments, M€
17.0
9.8
12.1
Personnel, average
2356
2200
2131
*The Meyer Turku Group consists of Meyer Turku Oy and its operational subsidiaries Piikkio Works Oy, Shipbuilding Completion Oy, Technology Design and Engineering ENG’nD Oy, and mutual real estate companies.
The Meyer Turku Oy shipyard is specialized in the construction of very demanding, innovative, and environmentally efficient cruise ships, car ferries, and special vessels. Our share of the global cruise construction market is approximately 10%, and our shipyard's order books extend to 2027. Our largest customers are Royal Caribbean International, TUI Cruises, the Finnish Border Guard andCarnival Cruise Line.
Weare constantly striving for more sustainable shipbuilding. We have identified five UN Agenda 2030 goals, which we canespecially influence in our operations and cooperation with partners and customers.