Sanlorenzo reports new build sales up 26% to €740m for 2022

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by Superyacht Investor Contributor

10 February 2023

Sanlorenzo has reported new build sales of more than €740m ($790m) in its full-year results for 2022 – up by 26.4% on the previous year. It has also reported its largest-ever backlog orders totalling €1.1bn ($1.17bn) as of December 31st, 2022.

The Italian shipyard said its growth and 17.6% profit margin from new build sales were driven by “excellent performance” in the European market and the success of its new models announced in 2022.

“We are proud to present extraordinary results, which have been achieved jointly with all the Group’s stakeholders, said Massimo Perotti, chairman and CEO, Sanlorenzo.

Its Yacht Division, which builds yachts from 24m (78ft) to 38m (124ft), saw sales of €464.5m, an increase of 28% compared with 2021. The firm said this was down to the success of its SL and SD line models.

The company’s Superyacht Division, which builds yachts up to 73m (240ft), also recorded sales of €200m, up 11.9% compared with 2021. Sanlorenzo said that this was led by its Steel Hull line yachts.

Sanlorenzo’s highest-ever backlog includes €617m worth of orders to be delivered in 2023 and €452m scheduled for delivery in 2024 and beyond.

It also has €100.3m in cash as of December 31st, 2022, compared with €39m at the same time the previous year.

In 2022, Sanlorenzo also made investments totalling around €59m to further strengthen its supply chain and increase production capacity at its shipyards. Perotti said this was in part due to the company’s ‘Road to 2030’ initiative, which aims to lower Sanlorenzo’s carbon emissions before the end of the decade.

“We have managed to convey our passion for success, always offering products of excellence not only for quality and design, but also for their features of high technology and true sustainability,” he said.

“I cannot hide our ambition to act as pioneers in the industry and, as such, we have partnered with the major global players in the field of energy, outlining the path towards carbon neutrality.”

The shipyard notably partnered with Rolls-Royce and Siemens Energy in a bid to achieve its sustainability goals using hydrogen-fuel cells to power its yachts.

Perotti announced that a business plan for the company’s next three years will be released in a few weeks. “It is just the beginning of a new development phase that will leverage our consolidated leadership position at an international level,” he said.

Sanlorenzo’s results for 2022 – at a glance: