- The engineering company celebrates its 40th anniversary with 1,000 employees and a record backlog of 47.3 million as of March 31.
Seville, 07.06.2024. The engineering multinational Ghenova closed the 2023 financial year with a consolidated turnover of 43.8 million euros, which represents a growth of 27% compared to the 34.5 million euros of 2022, confirming, in the words of its CEO, Francisco Cuervas, “the company’s path of expansion and growth”.
Ebitda was 7.1% of sales, after investments that would correspond to an adjusted Ebitda of 8.5%. All this with a portfolio that continues to grow and which closed the year at 40 million euros and which, as of March 31, 2024, stood at a record 47.3 million euros.
Ghenova, which has four verticals: Naval/ Defense and Security Energy, industry and water; Digital and cybersecurity; and infrastructures and ports continues to be immersed in large-scale projects in all its areas, with the naval part generating the most demand. However, according to Cuervas, “the rest of the verticals are growing at a good pace, taking care of innovative projects with prestigious clients”.
The Ghenova Group, leader in the naval sector in Spain and Latin America, continues to work on cruise ships, yachts, marine renewables, oil and gas and of course on highly complex defense projects such as the series of F110 frigates developed by Navantia, the Maritime Action Ship for Underwater Intervention (BAM-IS), the Coastal Hydrographic Vessel (BHC) and the functional engineering of the Fleet Solid Support (FSS), among others. It also participates in the refurbishment of the Juan Sebastián Elcano ship for the preparation of its centenary.
On the international side, specifically in Latin America, Ghenova continues with projects in Brazil such as the Napant (Antarctic Exploration Vessel). Napant (Antarctic Exploration Vessel) and the or the framework contract with the Arsenal de La Marinha. In Colombia, work continues on several contracts with COTECMAR.
On the other hand, the worldwide growth of offshore wind power continues to boom and Ghenova has committed itself to a dedicated team, and the same is true for integrated logistics support (ILS), where in addition to working in the naval field, defense projects are carried out for non-naval projects that require this service.
KOREA AND SAUDI ARABIA
In terms of new international openings, the multinational launched last year its office in Busan (South Korea), which had a turnover of 760,000 euros at the end of 2023, with a team of 20 people developing engineering for clients in Korea and Japan, mainly FSRU vessels.
In March of this year, the company also established itself in Saudi Arabia with its local partner Alsuwaiket, a country in full development with which they are already working on projects in the defense sector as well as in energy and water.
The other verticals are growing at a good pace, as is the case with Energy, Industry and Waterwhere we have become a benchmark company in WTE (Waste To Energy) technology. WTE (Waste To Energy) developing projects in countries such as Australia and the United Kingdom. In this line of clean energies, as Cuervas explained, “we have specialized equipment for hydrogen and its derivatives such as ammonia and methanol, with the strength that they are also applied to the decarbonization of maritime transport and ports”.
As for the Digital Transformation and Cybersecurity vertical , the company continues to focus on different sectors with cutting-edge technologies, such as AI, BIM and data analytics.
Finally, Francisco Cuervas emphasized that “at the Ghenova Group we continue to maintain the roadmap we have set out to continue our growth thanks to the more than 1,000 professionals who currently make up our workforce in the 9 countries where we are currently located, and we are sure that in 2024 we will break records once again”.
