LOGISTEC Corporation, a leading Canadian marine and environmental services provider, has announced its financial results for the year ended December 31, 2022. Pursuing its long-term sustainable growth strategy, LOGISTEC reported historic results surpassing an all-time high in an economic context favorable to its activities.
Consolidated revenue totaled $897.6 million in 2022, an increase of $153.9 million or 20.7% over fiscal 2021. More importantly, LOGISTEC said it achieved record adjusted earnings before interest expense, income taxes, depreciation, and amortization expense (Adjusted EBITDA) of $142.1 million and a profit attributable to owners of the Company of $53.5 million, a first in its history.
“The year of LOGISTEC’s 70th anniversary was a memorable one for its record results, outstanding performance and remarkable innovations,” said Madeleine Paquin, President and CEO. “LOGISTEC is well-positioned for sustainable growth with financial strength, diversification, a unique business model, an extensive North American terminal network and innovative environmental technologies. I am grateful to all the members of our team, our customers and our partners for their continuous support, collaboration, trust and loyalty.”
The marine services segment handled record volumes in response to high demand in the supply chain and delivered great results with 2022 revenue closing at $565.8 million, compared to $427.0 million, an increase of 32.5% over 2021. Operations expanded at Lemont (IL), a strategic gateway to the greater Chicago area markets and other Midwest states. We strengthened our partnerships with key ports, signing long-term agreements across our network.
The environmental services segment produced revenue reaching $331.7 million for 2022, up 4.7% from $316.7 million from the prior year. Revenue was driven by the recent acquisition of American Process Group, which contributed to a full year of revenue in 2022.