Sales increased for OXE Marine in 2024 but the diesel outboard manufacturer saw its turnover decline compared to 2023.
For the fourth quarter of 2024, OXE Marine had a net turnover of SEK 43.6m (SEK 62.7m), with a gross profit of SEK 11.6m (SEK 14.4m) and a gross margin of 27% (23%).
For the 2024 full year, the company had a net turnover of SEK 173.8m (SEK 189.6m) and a gross profit of SEK 54.8m (SEK 38.2m) with a gross margin of 32% (20%).
“Success is not a leap but a series of well-placed steps forward,” said CEO Paul Frick. “With the completion of our full refinancing, eliminating debt and securing a stronger financial position, the company has been given a fresh start.
“At the same time, we have developed gross margin from around 20% in 2022 and 2023 to 32% for the full year in 2024, providing a solid platform for future growth and profitability.”
During the quarter, propulsion sales reached SEK 35.3m (SEK 27.1m) – a 30% increase, with deliveries of the OXE200 motor positively impacting results.
Success is not a leap but a series of well-placed steps forward.
Paul Frick
For the full year, propulsion sales amounted to SEK 124.7m (SEK 117.7m), an increase of 6%.
The company’s Albany, Georgia, facility saw a 135% production increase compared to Q3, due to initiatives implemented in the previous quarter.
P&A sales were SEK 8.2m (SEK 35.6m). Excluding a large order to a governmental agency, P&A sales decreased by 21% relative to the same quarter of the previous year. The backlog at the end of the quarter was SEK 2.2m.
For the full year P&A sales were SEK 49m (SEK 71.9m) a decrease of 32%, mainly attributable to the effects of the delivery of the large order in 2023.
Gross margin for the quarter was 27% (23%).
During the year, OXE Marine received several key purchase orders including one worth USD 0.9 m from a US boat builder which was increased to USD 3.3m followed by an additional order for USD 2.6m taking the total order value to USD 5.9m.
OXE Marine has since received the largest order in the company’s history of USD 6.6m to supply a United States Governmental agency.
