Record-breaking year for Logistec

(Posted on 23/03/22)

Logistec Corporation has announced its financial results for the year ended December 31, 2021.

Logistec is based in Montréal (QC), Canada and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 54 ports and 80 terminals located in North America.

Pursuing its long-term growth strategy, Logistec was able to report the most successful year of its history, reaching key milestones on the financial, operational, and environmental fronts.

“This record-breaking performance is the result of a clear vision, a solid strategic plan, well-defined business objectives, and great execution,” said Madeleine Paquin, President and CEO, Logistec. “I am grateful to all the members of our team who were ready to go beyond and adapt to our customers’ and partners’ needs, providing reliable and creative solutions in this buoyant market. We are at an exciting moment in our history where we can drive change with our expertise and technology, and continue to push boundaries for many years to come.”

Consolidated revenue totalled $743.7 million in 2020, an increase of $139.0 million or 23.0% over 2020. The marine services segment delivered the best performance ever with 2021 revenue closing at $427.0 million, compared to $344.6 million, an increase of 23.9%. Logistec’s port terminal operations reported a record tonnage handled in 2021 due to strong demand throughout the year, which led to these outstanding results. The environmental services segment also achieved a remarkable performance with revenue reaching $316.7 million for 2021, up from $260.1 million or 21.8% from the previous year.

Logistec reported a profit for the year of $45.6 million, of which $45.4 million was attributable to owners of the Company.

From a global perspective, the current situation between Russia and Ukraine and the related sanctions being brought forth by various countries may influence the flow of industrial commodities. It is difficult to predict what the outcome will be, as some cargoes could be negatively affected, whereas alternative cargoes could be favoured.

Coming out of its best year ever, marine services segment remains strong, and Logistec has the confidence and support of customers and our partners.

Adjusted EBITDA is a non-IFRS measure, please refer to the non-IFRS measure section.

From an organizational standpoint, they are in the process of redefining and deploying data strategy and have built the foundation for our Enterprise Resource Planning (“ERP”) system that will be deployed in the coming years. They believe in investing in technologies to modernize IT infrastructure to leverage data in support of their decision-making process.

Logistec are confident we can continue to deliver a strong financial performance in the future and will continue to seek growth opportunities, both organic and through acquisitions, while creating value for all stakeholders.

Logistec also offers marine transportation services geared primarily to the Arctic coastal trade as well as marine agency services to shipowners and operators serving the Canadian market. Furthermore, the Company operates in the environmental industry where it provides services to industrial, municipal and other governmental customers for the renewal of underground water mains, dredging, dewatering, contaminated soils and materials management, site remediation, risk assessment, and manufacturing of fluid transportation products.