Logistics company Nurminen Logistics lowers its 2024 revenue and operating profit outlook.
According to the new guidelines, the turnover in 2024 will be below the turnover in 2023 and the comparable operating profit will be slightly below last year’s level. In 2023, the company had a turnover of 128 million euros and a comparable operating profit of 21.5 million euros.
According to the previous guidelines, the group estimates that the 2024 turnover and comparable operating profit will increase from 2023.
According to the company, the reason behind the decrease in guidance is the significant decrease in Baltic volumes due to the prolongation of the Red Sea crisis. A large part of the transports going from Central Asia via the Baltic to Asia has moved to overland routes from the beginning of the summer season until the onset of winter.
“We predict that Baltic volumes will be at a clearly lower level until the end of the year, which will negatively affect the company’s turnover and operating profit outlook for the whole year,” the release states.
The company expects volumes to return to the sea route when the use of the Suez Canal for container traffic becomes possible. The arrival of winter may also shift part of the volumes to the company’s routes.
“Since June, volume development in non-Baltic businesses has been on the rise, and we expect volumes to increase, with the exception of the Baltics, compared to the beginning of the year and the second half of last year, which will increase the share of our own production in the business and thus further improve our good relative profitability, together with our improved efficiency, new service products and customers. “
The company estimates that the net result attributable to the shareholders will increase from 2023 (excluding one-time favorable transaction income) based on the reduction of the share of minority interests in the total result and the reduction of financing costs.