The Italian Sea Group (TISG) has recorded revenues of 292 million Euro for the first nine months of 2024.
The revenues – which are in line with expectations – are up 11.4% compared to 262.2 million Euros in the same period of 2023.
“Following the excellent response obtained last September at the Monaco Yacht Show with the presentation of superyachts with extremely refined aesthetics and excellent quality levels, we are working to finalise some important negotiations, between the end of 2024 and the beginning of 2025,” said Giovanni Costantino, TISG founder and CEO.
“The success of the semi custom lines also continues, including the Panorama project and the Admiral Quaranta project, the end of October saw the keel laying ceremony of the first motor yacht under construction, the sale of which was concluded in the first half of 2024 and which marked an important development of The Italian Sea Group’s fleet.
“It’s further confirmation of the solidity and validity of our business model.”
The success of the semi custom lines also continues.
Giovanni Costantino
Operating revenues were 292.1 million Euros, up 12.5% compared to the same period in 2023.
Shipbuilding division revenues were 257.3 million Euros (+12.2%) and refit revenues were 34.8 million Euros (+5.8%).
The Group has an order book of new yachts not yet delivered to customers worth 1,275 million Euros and the total value of existing contracts relating to yachts not yet delivered to customers, net of revenues already recorded in the income statement is 533 million Euros.
The company is working on several large yacht deals, which it believes will close in end of 2024 and beginning of 2025.
The latest model is the ADM 75m, part of the Admiral fleet in response to growing requests for the 70m+ segment.
The ADM 75m features a diesel-electric propulsion system.
