Pérez y Cía. Group announces its 2023 results and faces market challenges with determination and resilience.
Pérez y Cía Group achieved a turnover of €318 million with an EBITDA of €44 million, demonstrating its resilience in a global market with an average decline of 78%.
The Group maintains its commitment to growth, increasing its workforce by over 300 employees and preserving a debt-free financial position.
The companies within Pérez y Cía. Group have achieved a turnover of €318 million, with an EBITDA of €44 million. These results underscore the Group’s ability to overcome obstacles, even in a market affected by a significant decrease in the container freight rate index in 2023, with an average decline of 78% compared to 2022 levels (FRGHGLOB Index).
Despite market challenges, Pérez y Cía. Group reaffirms its commitment to growth strategy, keeping its expansion and hiring plans active, as previously announced in early 2023, reflecting its ability to overcome challenges without wavering from our long-term strategy commitment.
In 2023, the Group experienced a significant increase in its workforce, driven by various acquisitions, currently totaling over 1,300 employees. With an equity index well above the sector, it’s important to highlight that 98% of employees have permanent contracts and enjoy job stability.
Celebration of the 170th Anniversary
2023 was marked by the celebration of its 170th anniversary, with the incorporation of the sixth generation of the family into the company’s ownership. This milestone signifies a moment of pride and reflection on the company’s legacy, reaffirming the family’s commitment to maintaining the vision of responsibility and dedication to sustainability over time.
Expansion and Acquisition Transactions:
During 2023, the Group completed several strategic transactions to strengthen its market position:
- The acquisition of Barcelona Container Depot Service, S.L. (BCDS) and Lavaderos Europa. With this transaction, the Group consolidates its position in the industry and demonstrates its commitment to the port of Barcelona.
- MPG, the Group’s freight forwarding company, acquired Martrans Logística y Transporte S.L. at the end of 2023. This acquisition expands the Group’s capabilities in refrigerated transportation.
- The acquisition by Britoil Offshore Services of 30 Offshore Support Vessels (“OSV”) from the Dutch shipowner Vroon. This acquisition strengthens the Group’s presence in the international offshore services market, and also positions Britoil among the top ten OSV owners.
- Remolques Unidos took advantage of 2023 to sell its stake in Remolques de Barcelona, aiming to continue focusing on its development as a shipowner. During 2023, it had two new tugs under construction.
It is important to highlight that, after making all these acquisitions, the group has continued to maintain its net cash position, ending the year 2023 completely debt-free.
Results and Performance of its Subsidiaries
Regarding the results of some of its subsidiaries, during 2023, Carmar strengthened its leadership in logistic solutions with significant improvements in its fleet and the expansion of key facilities. In Valencia, it made important investments to optimize operations and acquired a 3,000m2 warehouse, enhancing its efficiency and responsiveness. Additionally, it increased its presence in Palma de Mallorca and completed the investment in Las Palmas, reinforcing its position in the Canary Islands.
In line with its strategy for global growth, Carmar Maritime Services expanded its operations in West Africa, providing services to cruises and oil & gas platforms. Committed to sustainability, it has implemented measures to reduce its environmental impact, including the deployment of a Solar Energy Generation system in Las Palmas, marking a significant step towards reducing carbon emissions and dependence on non-renewable energy sources.
MPG reaffirmed its market share, achieving strong organic growth and closing with a cargo volume exceeding 100,000 TEUs, where the volumes from its recent office opening in Morocco began to be felt.
The Cruise division has consolidated its growth, recording significant increases in terminal traffic volumes. The growth of cruise passengers at the Coruña terminal stands out, surpassing its historical records. In the cruise agency field, it has expanded its range of activities and services, enriching the options offered to cruise companies.
In its Projects and Chartering division, Pérez y Cía. continues to lead maritime transport for the renewable energy offshore sector in Spain. During 2023, the group continued to grow in terms of charter volumes for both breakbulk and heavy lift vessels, most of them destined for large-volume wind projects. Additionally, the Group has closed strategic agreements with several renewable engineering companies, being currently a strategic focus for offshore generation where it expects growth of around 40% over 2023 volumes.
The American sector of Pérez Americas has been fundamental for the Group’s growth, with an extensive agency network covering ten countries in Central and South America. The outstanding performance of Caribbean Feeder Services (CFS) in 2023 has exceeded expectations, consolidating it as an essential neutral operator for the smaller ports of the Caribbean.
The subsidiary Insignia, an owner’s agent, has inaugurated a new division specialized in bulk liquid and gas transportation. This new entity, Insignia Shipping Bulk Liquid & Gas, offers comprehensive transportation and logistics solutions for a variety of cargoes, including chemicals, gases, and bulk food and pharmaceuticals internationally.
In its diversification strategy, Pérez y Cía. Group expanded its operations in 2022 with the opening of ATELDE, a submarine cable storage facility in Cádiz. This high-quality infrastructure is a leader in Southern Europe and unique on the Iberian Peninsula. Additionally, in 2023, the Group progressed in the Deep Blue Cable Installation Project in Trinidad, acting as agents for vessels, providing comprehensive support, and managing regulatory requirements.
Social and Environmental Commitment:
Pérez y Cía. Group renewed its social commitment by collaborating with charitable organizations such as the Spanish Red Cross, the Valencia Food Bank, and the Prójimo Próximo Foundation. Its involvement in the “YOU CHANGE THEIR LIVES” project by Prójimo Próximo, providing treatments and support to people with disabilities to improve their quality of life, was particularly noteworthy.
It’s worth highlighting the Group’s donation of an industrial washing machine to the San Juan Bautista Residence, run by the Order of Malta, to ensure optimal hygiene in such an important center. This donation reflects the Group’s commitment to the community’s well-being.
Pérez y Cía. and Sports:
Pérez y Cía. Group proudly announced its new role as the Official Sponsor of the Plus Hockey team from Getxo, comprised of athletes with Functional Diversity. This commitment reflects the Group´s steadfast support for inclusion and diversity through sports.
Once again, the Group renewed its commitment to sustainability, both environmental and social, as the Official Sponsor of the Spanish SailGP team, in an agreement spanning three seasons until 2025. SailGP is a high-impact international sports competition, leading in technical innovation and committed to sustainability.
It’s important to note that in 2021, SailGP launched the “Impact League,” a pioneering initiative aimed at incorporating sustainable commitment into this sport, accelerating the transition to clean energy. This initiative recognizes the various positive actions that international teams, including our sponsored team, take to reduce their environmental impact and carbon footprint.
Additionally, it’s worth mentioning that the team had spectacular results in 2023, currently standing in 4th position, including a victory at the Los Angeles Grand Prix and two other podium finishes.
Nicole Van der Velden, strategist for the Spanish SailGP team
Looking Ahead
Javier Ferrer, Executive Chairman of Pérez y Cía. Group reaffirmed the company’s commitment to sustainable growth and innovation, always striving to provide the best possible service to its customers and shipowners. He also emphasized the great importance of maintaining a conservative debt profile, especially in years like 2024, characterized by high geopolitical and macroeconomic instability.
