Sif earnings remain stable in third quarter

SIF Group’s EBITDA has remained stable quarter on quarter at €7.8 million. Adjusted year-to-date EBITDA for the company grew to €28.9 million from €28.4 million in the first nine months of 2021, according to the third quarter data.

The business reported revenue of €283 million during the first three quarters of 2022, down from €332 million for the corresponding period in 2021.

Fred van Beers, CEO of Sif Group said: “The sheer size and design of the foundations for the projects currently at hand in combination with the dimensions and outfitting of our production facilities, has had its effects on efficiency. Extra safety measures and very limited maneuvering space in our facility in Roermond have their impact on manufacturing-flows. Thanks to the skills and craftsmanship of our employees, results in Q3 were satisfactory.

Sif completed in total 32 monopiles and 28 transition pieces. The company expects total production for the year 2022 to arrive at approximately 172 kilotons and says to be on schedule for delivery of the forecast adjusted EBITDA for the full year 2022 which it expects to be slightly higher than the realized adjusted EBITDA in 2021.

Van Beers: “From a strategic perspective, Q3 2022 was a pivotal quarter. We have made good progress with plans to expand manufacturing capabilities and production capacity and expect to be able to give an update on the final investment decision in Q4 2022. For emerging markets in Asia, we announced a license cooperation with GS Entec to assist them with know-how in converting their Busan facility into a monopile production site and to train their employees to manufacture monopiles for the Asian market. Meanwhile the first GS Entec employees have visited Sif in Roermond and the cooperation took off expeditiously. For the market in the USA, talks with a potential joint venture partner are progressing. These developments illustrate that Sif not only prepares for the envisaged growth in Europe but also has a keen interest to play a key role as the leading monopile foundations manufacturer globally.””

Image source: Sif

Input your search keywords and press Enter.