Pérez y Cía. Group ends 2022 with €344m revenues and €60m EBITDA.

  • Despite the market shift observed during the end of 2022, Pérez y Cía. Group does not plan to change its growth strategy, continuing with both its hiring and expansion plans.

  • The group divested in several ventures, causing a slight decrease in year on year sales, however, on a like for like basis, revenue increased by 21% and EBITDA by 47% during the period.

  • Pérez y Cía. Group now has over 45 offices in 15 countries, attending 7,000 port calls globally in 2022.

2022 represented a very positive year for Pérez y Cía. Group with regards to market share consolidation. The financial results were influenced favorably by the high freight levels seen during the first half of the year, along with the sale of two tugs from Remolques Unidos. The towage company was able to leverage the international supply crisis selling tugs VEHINTINUEVE and VEHINTICINCO obtaining remarkable profits.

Within this difficult context and changing freight conditions, the Company maintains its target on further growth and hires, expecting to further consolidate its market share and profitability. Both targets are feasible due to the financial strength of the Group that has yet again closed the year with a positive net cash position.

In line with 2021, the Group increased its headcount by more than 90 people, continuing with its progress in the gender ratios by reaching 45% women workforce, substantially higher than the 22% average of the European logistics sector as per the European Commission.

As per the Group subsidiaries, the freight forwarder MPG continued to grow its market share organically, with sales close to €160m and volumes of 100,000 TEUs, aided by the recent opening of offices in Brazil.

Shipping Agency business also grew in 2022, with the opening of new offices in Morocco (Tangier, Casablanca, and Agadir), and Guyana (Georgetown).

The Cruises division, another strategic bet from the Group, continued its recovery from the pandemic, with a significant increase in volumes. The Cruise Terminal of Corunna has managed to recover to pre-pandemic levels, reaching 229k passengers and reaching its all-time-high. Other terminals such as Cadiz and Vigo have reported c. 300% increases evidencing why this division continues to be a strategic priority for the Group. For 2023 the Company anticipates recovering pre-Covid volumes in all ports.

Project Cargo continue leading the maritime transport of renewables. In 2022, the Group chartered over 75 break bulk and heavy lift vessels. These charters have been largely employed since 2020 in wind power projects. In addition to this, the Group has closed strategic alliances with several renewable power engineering firms, with a focus on offshore power generation where expected growth will be around 30% from 2022 volumes.

In the Americas, Pérez Américas has not lagged behind, being an important catalyst of the Group’s growth during the year, moving over 90,000 TEUs. The opening of the new Guyana office at Georgetown confirms the commitment that the Group has with the region. Currently, the Group remains as the largest network in the Caribbean, present in 10 countries spanning across the Caribbean islands, Central America and South America. Additionally, during 2022, HICO Investment Group entered CFS’ (Caribbean Feeder Services) capital, which will allow the Group to count on a high profile financial partner that will contribute to the development and consolidation of the brand in the Caribbean.

The expansion to Portugal in 2021 finalized with the successful integration of the agency Burmester & Stüve. Group’s portuguese subsidiary achieved material synergies that were expected at the time of the acquisition, not only on volumes and commercial optimization but also on efficiency and profitability gains. Burmester & Stüve was able to accomplish an ambitious cost optimization strategy that guarantees the financial stability of the organization and its future growth prospects. This plan has allowed the company to close the financial year among the three largest shipping agencies in Portugal by volume.

Group’s growth has also been bolstered by the increasing concern and interest in energy security and supply chains, on the back of its investment in Britoil Offshore Services. The Singaporean firm continued to grow with the acquisition of 1 AHT and 4 AHTS. Britoil’s fleet now comprises 27 vessels (21 AHT, 4 AHTS and 2 PSVs).

As per the diversification strategy, and in order to offer high added value services, the Group began operations of ATELDE, a submarine cable storage facility located in Cadiz, Spain. The infrastructure, specifically designed to comply with the strictest quality requirements from our clients, uses a cutting edge technology and has become an irreplaceable asset in Southern Europe, being the single installation of its kind in the Iberian Peninsula. Average occupation during its first year has reached 60%.

CARMAR, the Group’s subsidiary dedicated to logistics activities, closed 2022 with also very positive results, surpassing the pre-pandemic volumes in turnover and reaching numbers in line with the ambitious budget. On the other hand, the new last mile service business line and its Ship Supply business (CARMAR MARITIME SERVICES) registered a year-on-year growth in sales of over 40% with more than 3,000 vessels served in Spanish ports. In parallel, the company has continued to develop its operating and ESG strategy, including, among other initiatives, the improvement of all its facilities, the renewal of its fleet and the reinforcement of its staff training strategy. Currently, CARMAR has 15 own warehouses (both in the Iberian Peninsula and in the Balearic and Canary Islands, where it is a leader in the sector), and a fleet of more than 135 vehicles. In order to reduce the environmental impact of its activity and reduce emissions, the Group has continued with its fleet renewal and sustainability strategy, with the acquisition of semi-trailer equipment and the investment in improvements of existing equipment. In terms of energy efficiency, at the end of the year, the Group put into operation the Solar Energy Generation system, in its facilities in Las Palmas, covering 51% of the energy needs of its warehouses and offices and reducing CO2 emissions by 330 tons over the next 25 years.

In its ground transportation division, despite the year of profound disruption in the market, COPITRANS remained close to its customers, ensuring capacity and offering logistics solutions for more than 40,000 containers. The company specializes in temperature-controlled and ADR loads, including IMO1. In a context of inflation and rising transport costs, the company was able to consolidate its margins with a cost containment strategy and its ongoing dialogue with its main customers. Currently, the Group has licenses and certifications to carry out all types of goods, achieving one of the broadest offers in the market.

Once again, the Group renewed its commitment to environmental and social sustainability. In August 2022, Pérez y Cía. Group became Official Sponsor of the Spanish SailGP team until 2025, a sports competition of high international impact, leader in technical innovation and committed to sustainability. SailGP launched in 2021 the “Impact League“, a pioneering initiative in the world aimed at incorporating sustainable commitment in this sport by accelerating the transition to clean energy, through the recognition of the different positive actions that international teams, including our sponsored team, carry out to reduce their environmental impact and reduce their carbon footprint.

Moreover, the Group continued its collaborations with the Spanish Red Cross, the Food Bank of Valencia, the Order of Malta of Spain, the Plaza Porticada Association and the Foundation Pro Niños of Darién.

Javier Ferrer, President and CEO of the Company, assures that “In spite of the uncertainty in the maritime sector, Pérez y Cía. Group will continue with its growth path, always seeking specialization and service diversification, together with our international geographical expansion. In 2023, we will keep prioritizing our best in class services to our customers and the shipowners. To this end, we will continue having in mind our long-term vision, our commitment to attract and retain talent and our traditional prudence in terms of leverage and capital structure”.