Photo credit @ Waberer's

Waberer’s posts strong Q1 sales and reaffirms full year guidance in financial report

Showcasing record revenue, Hungarian logistics and transportation company Waberer's International released its financial results for the first quarter of 2024. The company maintained its full-year guidance of consolidated revenue close to EUR 800 million and an EBIT exceeding EUR 40 million.

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Waberer’s group revenue for Q1 2024 hit EUR 196.7 million, a new high and an impressive 11.3% jump compared to the same period last year. This growth was fueled by the company’s Contract Logistics (RCL) and Insurance segments, which saw revenue surge by 16.9% and 21.4% year-on-year, respectively.

Overall profit (EBIT) came in at EUR 22.1 million, slightly lower than Q1 2023. However, this performance was in line with what management anticipated.

Within the company, the RCL segment continued its strong showing with a 14.8% increase in EBIT, reaching EUR 4.6 million. The Insurance segment also celebrated a record-breaking EBIT of EUR 5.9 million, reflecting a 9.5% year-on-year rise.

The International Transportation & Freight Forwarding (ITS) segment faced some headwinds due to a sluggish European economy and rising toll fees. This resulted in an EBIT of EUR -2.0 million. However, management is confident that the ITS segment will see significant improvement in the latter half of 2024.

According to the report, the average number of employees increased by 256 compared to the same period last year, primarily driven by higher headcount in the Contract Logistics segment. Despite challenges, the Gross Profit for the RCL segment increased, while EBITDA reached EUR 8.4 million. However, the ITS segment’s EBITDA decreased by EUR 2.5 million.

“Waberer’s Group has had a successful first quarter in executing our strategy,” said Zsolt Barna, Chairman & CEO of Waberer’s International Nyrt. “We’ve completed key acquisitions like PSP Group and MDI, begun development of a new logistics center in Debrecen, and finished construction on our warehouse in Ecser. We expect these additions, along with our expanded warehouse operations in Ecser, to bolster the Group’s performance in the second half of the year.”

Barna highlighted other positive developments, including launching an employee stock ownership program (ESOP) and increasing the company’s dividend payout by 20% compared to 2023. Waberer’s has also seen an increase in analyst coverage, with three firms (Concorde, Equilor, and MBH) now following the company’s performance.