Italy´s shipowner Fratelli Cosulich Group, fully controlled by the Cosulich family, on Monday posted a 66% increase in net profit during financial year ended 31 December 2022.

The Fratelli Cosulich Group with business operations that span in several fields in the shipping industy has achieved historic financial results never seen before, as the company says in its 2022 annual report “Sailing on Crossroads” released on Tuesday.

It recorded €52.2 million of net profit in financial year 2022 from €29.9 million in FY 2021, and an Ebitda of €68.7 million, according to latest financial figures.

The group´s turnover was €2.2 billion in FY 2022, up 45% from €1.5 billion in FY 2021, the highest level of turnover ever achieved by the Group in its history.

The shipowner claims that with the rising turnover, improved Ebitda, and higher net profits, the Group’s cash flow is trending upward.

All 13 business areas of the Group contributed to this result. “Still, the contribution from the Marine Fuel and LNG branch, the shipping and logistics and freight forwarding activities, are certainly worthy of note,” explained the Group.

“I want to emphasize that revenues, like stunning fireworks, lose their shine quickly. In the long run, EBITDA and Net Profit genuinely matter. These trustworthy measures guide us towards sustained growth and prosperity, with their “light” lasting longer,” said Stefano Abate, CFO of Fratelli Cosulich Group.

Moreover the company´s fleet has experienced expansion with the addition of new vessels. Last year the Group renewed its fleet with the addition of 2019-built “Margherita Cosulich” of 7.994 dwt, which replaced “Patrizia Cosulich”.

Furthermore in 2022 the Group´s team has been following up the construction of the very first two Italian-flagged LNG bunker tanker vessels, which will be delivered in the third quarter of 2023 and in the first quarter of 2024.

“All of these projects are on top of our unceasing strategy of external growth, focusing on two pillars: asset investments and M&A,” says Augusto Cosulich, Chairman of Fratelli Cosulich Group.

Fratelli Cosulich has also acquired 90% of share capital of GDM, the first company providing training to maritime staff operating on board in the center of Italy.