MPC Capital had a strong first quarter in 2024. The acquisition of Zeaborn Shipmanagement was also finalised.
Hamburg-based asset and investment manager MPC Capital AG has presented its figures for the first quarter of 2024. A significantly stronger transaction business and a consistent expansion of the management and service platforms led to double-digit revenue growth. [ds_preview]
Revenue increased by 11% to €9.6m (Q1 2023: €8.6m). Around 81% of this resulted from recurring management fees, which increased by 4% to €7.7m (Q1 2023: €7.4m). This growth was mainly due to the expansion of maritime activities.
The acquisition of the ship manager Zeaborn was successfully completed at the end of March. As a result, the fleet managed by MPC Capital in technical ship management is growing, which will lead to higher earnings.
MPC Capital buys, sells and builds
In addition, several ships were acquired or sold in so-called club deal structures. Most recently, the Su-Panamax “AS Nadia” and the feeder “AS Ragna” were sold to MSC. Further transaction proceeds were also realized with the completion of additional container ships from the newbuilding programs. Overall, transaction proceeds increased by 64% to €1.8m compared to €1.1m in the first quarter of the previous year.
The financial result amounted to €6.8m (Q1 2023: €4.0m) and resulted from returns from MPC Capital’s co-investment portfolio. Based on a stable cost structure, earnings before taxes (EBT) climbed disproportionately by 69% to €7.0m (Q1 2023: €4.1m).
In mid-March, MPC Capital announced that it would increase its stake in MPC Container Ships from 7% to around 14%. The purchase price of around €34m was due after the end of the first quarter at the beginning of April. Adjusted for this increase in liabilities, the equity ratio (adjusted) was unchanged at 85% as of 31 March.
MPC Capital confirms forecast
The Management Board has confirmed its forecast for the full year 2024, which was only raised in mid-March. Accordingly, consolidated revenue is expected to be at least on a par with the previous year (€37.9m). Earnings before taxes should therefore be slightly higher than the already high level of €19.3m in the 2023 financial year.
Following the Annual General Meeting, which will take place on 13 June, Constantin Baack will become the new CEO of MPC Capital AG. The previous CEO, Ulf Holländer, will move to the Supervisory Board. Christian Schwenkenbecher will join the Management Board as Chief Client Officer. Chief Financial Officer Philipp Lauenstein will complete the new management trio.
