Offshore wind cable manufacturer NKT (NKT.CO) reported a significant surge in operational EBITDA for the fiscal year 2023, reaching a new pinnacle of €182 million, marking a substantial rise from €106 million in the preceding year, propelled by heightened revenues and a steadfast commitment to profitability, the company disclosed on Monday.
The company's solutions division witnessed a remarkable organic growth of 59% throughout 2023, underscoring NKT's robust performance amidst a dynamic market landscape.
NKT attributed its record-breaking annual order intake of €7 billion in 2023 to a slew of project awards spanning across Europe, predominantly leveraging DC technology, as outlined by its directors.
In a strategic move unveiled in May 2023, NKT embarked on its most extensive investment program in history, earmarking approximately €1 billion to bolster capacity and capabilities, with assets slated for gradual operational integration commencing from 2027.
Exiting the fiscal year 2023 with an impressive high-voltage order backlog totaling €10.8 billion, the division remains laser-focused on seamless execution, poised to meet the burgeoning demand for high-voltage power cable systems, NKT affirmed.
Claes Westerlind, Chief Executive Officer of NKT, remarked, “2023 was a triumphant year for NKT, characterized by a robust organic revenue growth of 36% and the attainment of the highest-ever annual operational EBITDA in the annals of our company.”
“The unprecedented demand for high-voltage power cable systems underscored the industry's confidence in our capabilities,” Westerlind added.
See also: NKT Appoints Claes Westerlind as CEO to Strengthen Power Cable Business and Green Transition Focus
He further emphasized, “This surge culminated in a record order intake, catapulting our high-voltage order backlog to €10.8 billion, concomitant with the initiation of an approximately €1 billion investment program.”
“As we step into 2024, buoyed by a sturdy financial footing, we are primed to advance our financial performance trajectory,” Westerlind concluded.
NKT's stellar performance in 2023 signals its robust positioning within the burgeoning offshore wind sector, amidst escalating global demand for sustainable energy solutions.
