Sanlorenzo reports an 11.8% increase in new build sales for Q1
Sanlorenzo has reported total sales of €183.7m ($199m) for the first quarter (Q1) of this year – an 11.8% increase compared with the same period last year.
The firm revealed its financial reports as of March 3st 2023, which detailed Q1 sales growth was driven mainly by its Superyacht and Bluegame Divisions. The shipyard reported a strong backlog but a fall in sales in the Americas.
As of March 31st, the company’s Superyacht Division, which builds yachts up to 73m (240ft), recorded sales of €46.4m, up by 41.4% compared with Q1 2022. Its Yacht Division, which builds yachts from 24m (78ft) to 38m (124ft), saw sales of €117.4m. The Bluegame Division, which covers yachts below 24m, accounted for €19.9m with a year-on-year increase of 39%.
The Italian shipyard’s net profit stands at €17.2m, a 23% increase compared with €14m last year and a profit margin of 9.4% on new build yachts. Massimo Perotti, president, Sanlorenzo said the sales figures were in line with the shipyard’s annual targets.
“The results of the first quarter 2023 demonstrate the strength of the brand and the excellence of the business model of the Maison Sanlorenzo, which once again translate into increasing results, substantially in line with our forecasts,” said Perotti.
The company has continued to see growth in its backlog too, up 5.2% from the same time last year at €1.24bn. Deliveries for the Yacht Division now reach well into 2025 and up to 2026 for the Superyacht Division.
“Our backlog is consistent, [with] 92% sold to final clients,” added Perotti. “The next deliveries are not available before summer 2025 for yachts and before summer 2026 for superyachts. This combination results in a high-degree visibility, well above the industry average, which allows for enviable planning.”
The shipbuilder said that the data breakdown of yachts sold by region confirmed the growth of the European market, which is up by 50.3% compared with Q1 2022. Although Sanlorenzo’s sales in the Middle East are up by 96.4%, compared with last year, it is compensated by the slowdown in the Americas and Asia, which are down 43.7% and 15.8% respectively.
European buyers brought in €119.2m in revenue, whilst the Middle East accounted for €13.9m. American buyers generated €30.5m, compared with €54m the year before.
In terms of investment, the firm recently acquired controlling shares in two companies in its supply chain; a 49% stake in yachting electrical systems installation firm, Sea Energy and a further 33% stake in luxury furniture firm Duerre, giving it a 66% majority.
Sanlorenzo has also internally invested €6m over the quarter, with around 47% being spent to increase production capacity at its shipyards and 40% on projects related to technologies based on superyacht fuel cells powered by “green” (renewable) methanol. Perotti said such investments are part of long term plans to integrate more sustainable and efficient technologies in the superyacht industry.
“We are confident that the future of the sector will depend on innovation, especially in the field of sustainability,” said Perotti. “Therefore, by providing concrete answers and with a long-term vision to lead towards a zero-emission yachting transition, we continue to invest in research and development, confident of the path we have taken.”