GTT Reports Strong Revenue Growth and New Orders in 2024
Key Ideas
  • GTT's nine-month 2024 revenues reached 465 million euros, showing a significant increase of 55% compared to the same period in 2023.
  • The company received a substantial number of orders including LNG carriers, ethane carriers, LNG-powered vessels, and LNG bunker vessel, indicating a strong demand for liquefied gases transportation solutions.
  • GTT's Services activities saw a 41% revenue growth with new contracts and successful implementations of digital solutions, showcasing the company's relevance in the market.
  • Elogen, GTT's subsidiary focusing on green hydrogen production, maintained stable revenues despite challenges, highlighting the company's commitment to sustainability and innovation.
GTT, based in Paris, has reported robust financial results for the first nine months of 2024, with revenues reaching 465 million euros, up by 55% from the same period in 2023. The company's CEO, Jean-Baptiste Choimet, highlighted the strong commercial performance, especially in LNG carrier orders, ethane carrier orders, and LNG-powered vessels. The demand for LNG transportation solutions continues to grow, supported by investments in liquefaction plants and shipyard capacities. GTT also secured orders for LNG bunker vessels, emphasizing the increasing interest in LNG as fuel. Despite competition, particularly from Chinese shipyards, GTT's innovative solutions remain in demand. The company's Services activities, including digital solutions from Ascenz Marorka, experienced significant growth with new contracts and cybersecurity certifications. In the field of green hydrogen production, Elogen maintained stable revenues, demonstrating resilience in a challenging market. GTT's focus on R&D and innovation led to new approvals in liquid hydrogen transport and alternative fuels. The company remains optimistic about achieving its 2024 revenue and EBITDA objectives. Overall, GTT's performance underscores its leadership in providing cutting-edge solutions for the transportation and storage of liquefied gases.
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