Rina plans to grow by 50% by 2024, while nearly doubling profit in a market in upheaval as a result of Covid disruption and geopolitical strife.
The Italian classification society on Wednesday reported €8.1m ($8.69m) in profit last year, against €4.9m in 2020, by rolling with the punches and keeping an eye on future growth.
“Our expansion plan continues both externally, thanks to several merger and acquisition projects that are in the pipeline, as well as internally with the support of an important recruitment plan that will lead us to hire over 2,000 new colleagues over the next two years, half of those in Italy,” chief executive Ugo Salerno said.
Genoa-based Rina, which currently has about 4,000 employees in 70 countries, collected €533m in revenue last year, up 14% from the previous year.
The company, which was founded in 1861, indicated it has more cash than debt by posting a negative net financial position of €140m and a leverage ratio of 1.92.
“The 2021 accounts reflect a positive performance in key reference markets, confirming the ability of the organisation to adapt its strategies and operating models in today’s ever-changing and disruptive markets,” Rina said.
This “positive trend” has continued as it took in €141m in revenue in the first quarter, thanks to a current orderbook representing nearly €207m in revenue.
The company has already met 71% of projected business for 2022, meaning it is “on track” to achieve consistent results this year by focusing on its strategic priorities.
“Despite the current geopolitical complexities, 2022 has presented several opportunities in renewable energy, digitalisation, cyber security and infrastructure,” it said.
But Salerno is not letting Rina rest on its laurels after last year’s solid results.
“These figures are by no means a point of arrival, but are the result of a growth path that Rina is pursuing with a clear vision, based on ESG [environmental, social and governance] principles,” he said.
