The 2017 profit is up from the €26.2m in 2016. Revenues rose to €807.7m, up from €787.5m the prior year.
Two ships delivered in a year
Meyer Turku delivered two ships in 2017, for the first time in decades. LNG-powered fast ferry Megastar for Tallink was handed over in January, followed by Mein Schiff 6 for TUI Cruises in May.
The €200m investment program includes a new 1,200-ton Goliath Crane, a steel pre-treatment and storage facility and several large-scale IT system investments. All of these are urgently needed to replace aging machinery and provide the means to achieve higher capacity and productivity.
The shipyard has also been actively recruiting new personnel, with head count growing from 1,614 at the end of 2016 to 1,854 at the end of 2017. Some 296 workers were recruited last year.
Investing in modernization
'These good figures give us an opportunity to prepare for the coming years and a growing international competition. We are using these profits to finance the large scale investments we urgently need to rebuild the Turku shipyard into a modern ship assembly factory and to train our personnel and to further grow our team of shipbuilders in Turku,' Meyer Turku CEO Jan Meyer said.
Orders to 2024
Thanks to an orderbook reaching 2024, Meyer Turku projects growing revenues in the years to come. Yet, due to the efforts and costs for the development of the yard, management said profit margins will be lower—but positive—during this transition time.
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