Endo Group of Companies registered a 24 per cent increase in profit before tax in the first quarter (Q1) of 2022 following a drop in direct expenses.

The Group generated €2.51 million in revenue for the period, a slight decrease from the €2.72 million registered in the same period in 2021, its unaudited statement for the first quarter of the year showed.

This drop mainly resulted from a reduction in operations carried out by ship-to-ship provider International Fender Providers, yet this is expected to return to 2021 levels during the second part of the year.

Despite this, Endo Group still managed to control and reduce its direct expenses by 23 per cent from the same period in the previous year, leading to a higher gross profit when compared to the previous year.

As a result, earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €1.03 million during 2022’s opening quarter, a rise of 27 per cent from 2021 Q1’s EBITDA, despite increases in depreciation and amortisation.

Additionally, its operating profit during Q1 amounted to €554,435, rising by 10 per cent from 2021 Q1’s €502,755.

Endo Group registered €389,921 in profit before tax for Q1, which is still under review, a sharp 24 per cent rise from the €314,965 earned throughout the same period last year.

Total comprehensive income for the period under review amounted to €396,421, 44 per cent more than the €275,796 registered in 2021’s Q1.

Endo Group concluded by saying that it expects its activities “to remain consistent for the foreseeable future”.

Endo Group forms part of Endo Ventures Ltd, with its direct and indirect subsidiaries including Endo Finance plc, International Fender Providers Ltd, as well as Endo Properties Ltd.

The Group acquires, finances, manages, and charters commercial vessels, while also provides ship-to-ship and mooring master services to its clients.