Mariner Finance plc, part of Hili Group, has reported a solid financial performance for the year ended 31st December 2024, underpinned by stable operations at its Baltic Container Terminal (BCT) in Riga, Latvia, and steady rental income from its Merkela property, also in Latvia.
The group registered a profit before tax of €6 million, closely mirroring last year’s €6.2 million, while the Company’s profit before tax rose to €9.75 million from €8.84 million in 2023. This growth at ompany level was largely driven by a higher dividend income of €8.99 million, as well as a significant revaluation gain of its investment property in Latvia.
Consolidated net assets also strengthened, reaching €65.8 million for the Group and €60.6 million for the Company.
Despite challenging market conditions in the logistics sector, Mariner Finance’s core activities at BCT remained robust, with annual turnover and cost of sales holding steady compared to the previous year. Investment income rose to €1.26 million, largely attributable to the revaluation of the Group's Latvian investment property, while total comprehensive income surged to €9.3 million from €5.6 million in 2023, boosted by revaluation gains on land and buildings at BCT.
In a significant development, BCT completed the construction and extension of Berth KS34, adding 57.3 metres to its quay length. This enhancement, partially financed through EU funds, now enables the terminal to accommodate larger vessels of up to 340 metres in length – a move expected to bolster throughput and competitiveness.
Looking ahead, the group is budgeting a 6.5 per cent increase in throughput for 2025, underscoring its confidence in continued growth.
While EBITDA decreased marginally by three per cent to €10.2 million, reflecting a slight dip in operating profit, operational cash flows improved significantly from €6 million to €7 million. Free cash flow remained positive at €2.55 million, although slightly lower than the previous year due to increased capital expenditure associated with the berth extension project.
Importantly, the return on average capital employed stood at seven per cent — well aligned with the Group's strategic objective of achieving returns above the cost of funding.
Mariner Finance’s focus on customer satisfaction and terminal efficiency remains central to its strategy. While container moves per hour declined slightly from 21 to 20, largely due to longer dwell times, customer satisfaction levels remained very high, according to regular client feedback.
Rental income and occupancy levels at the Merkela property remained stable year-on-year, further contributing to the Group’s consistent revenue base.
During the reporting year, Mariner Finance also declared and distributed a dividend of €5.6 million, reflecting its ongoing commitment to delivering value to shareholders.
