GTT posts revenue, profit rise in record year

French liquefied natural gas containment system specialist, GTT, posted a 2.2 percent rise in revenue for the year 2018. 

The company’s revenue reached €245.9 million ($280.2 million), with GTT adding that its net profit for the period reached €142.8 million, 15.1 percent above the 2017 figures.

Commenting on the results, Philippe Berterottière, chairman and CEO of GTT said, “with 50 orders for LNG carriers and FSRUs, 2018 stands out as the best year of the decade for our core business, thus confirming our vision of market needs.”

He added that the strong growth in LNG demand throughout the past two years, in particular in Asia, shows the current ongoing dynamics of the LNG market. The pace of future orders will notably depend on FIDs in new liquefaction trains.

With 50 ship orders in 2018, GTT said its sales hit a ten-year high. The majority of the orders, 48 of them, were for liquefied natural gas carriers, accompanied with two FSRU orders.

On January 1, 2018, GTT’s order book stood at 89 units with 51 orders received and 42 deliveries made and a cancellation of an LNG carrier order in the fourth quarter of 2018.

The company’s order book on December 31 comprised 97 units, including 83 LNG carriers, 9 FSRUs, 2 FLNGs and 3 onshore storage tanks.

Moreover, in 2018, in the field of LNG Fuel, GTT received an order to equip a bunker ship and an order to equip the Commandant Charcot Icebreaker cruise ship, bringing to 11 the number of units recorded in its LNG order book to 31 December 2018.

Looking forward, GTT said it has “visibility as regards its revenue from royalties out to 2021 based on its order book at the end of 2018.”

In the absence of any significant order delays or cancellations, this corresponds to a revenue of €524 million for the 2019-2021 period (€251 million in 2019, €224 million in 2020, €49 million in 2021 and €49 million in 2021).