Safe at Sea (SAFE) Q2 2024 earnings summary

Executive summary

• Achieved seventh consecutive profitable quarter, with Q2 2024 net profit of 181 tkr and H1 2024 net profit of 446 tkr, despite lower sales in Q2 compared to last year.

• Secured the largest contract in company history in June, valued at approximately €900,000, with deliveries starting in August.

• Registered as a supplier in the NATO Master Catalogue, enhancing international visibility and credibility.

Financial highlights

• Net sales for H1 2024 reached 8,665 tkr, up from 8,066 tkr year-over-year; Q2 sales were 3,919 tkr, down from 4,101 tkr.

• H1 2024 profit after financial items was 446 tkr, down from 777 tkr; Q2 profit was 181 tkr, down from 549 tkr year-over-year.

• Earnings per share for H1 2024 were 0.016 kr (0.028 kr); Q2 EPS was 0.007 kr (0.020 kr).

• Cash and cash equivalents at period end were 1,643 tkr, down from 5,145 tkr a year earlier.

Outlook and guidance

• Expects continued positive development in order and offer pipeline, especially from government and military sectors.

• Anticipates more tenders with larger volumes in the second half of the year.

• Will continue to strengthen supply chain redundancy and increase domestic production capacity.