Sanlorenzo Reports Q1 Financials

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Sanlorenzo’s net revenues increased 20.5 percent in the first quarter of the year to EUR118 million ($142 million), driven by strong sales in the Asia-Pacific region and the Americas, the yacht builder said in a statement.

Net revenues in the APAC region were up 83 percent compared with the same quarter in 2020, totaling EUR26 million ($31.3 million) and accounting for 22 percent of total revenues.

Revenues of EUR24.5 million ($29.5 million) in the Americas were up 61 percent from the same period a year prior and accounted for 18.1 percent of total revenue.

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Sales in Europe topped both at EUR59.7 million ($72 million) for 50 percent of net revenues, dropping by less than 1 percent compared with 2020.

The Yacht Division generated net revenue of EUR79.1 million ($95.3 million), up 23.3 percent. The division benefitted from strong sales in its SX and SD lines — in particular, the recently launched SX112, SD96 and SD118.

Sanlorenzo’s Bluegame brand was up 36 percent to EUR9.2 million ($11.1 million), with last year’s launch, the BCX60, producing superlative sales results.

Superyachts recorded EUR29.7 million ($35.8 million), up 10 percent.

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Chairman and CEO Massimo Perotti expressed confidence in the builder’s plans for new directions. He said it will launch three new lines in 2022.

“The main driver of results is undoubtedly a successful product,” Perotti said. “Our strategy … calls not only for the presentation of five new models at the Cannes Yachting Festival in September 2021, but also for the launch of three new lines in 2022, one for each division, in segments … not yet explored by Sanlorenzo.”

Perotti also noted Sanlorenzo’s exploration of diesel-electric and fuel-cell power solutions, as well as its continued interest in the acquisition of Perini Navi.

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