The SGV Group, operators of five paddle steamers on Lake Lucerne as well as a large fleet of modern motorships, has announced a financially successful group result for the 2024 reporting year. All four operating companies within the group reported positive annual financial statements in relation to sales and other earnings. Consolidated sales amount to CHF 92 million. Earnings before interest, taxes, depreciation and spreading the cost of assets over their usable lives amounted to CHF 12.7 million, compared with CHF 10.1 million in the previous year.
In the 2024 financial year, the SGV Group recorded a record annual profit of CHF 9.6 million (previous year: CHF 3.3 million). Around CHF 3.5 million of this high annual profit results came from the reversal of the provision for the “hardship compensation 2020/2021” from the pandemic period.
In addition Stefan Schulthess, Chairman of the SGV Group Executive Board, announced future plans which include the motor ship Saphir being converted to hydrogen propulsion next winter. The shipyard will be completely renovated in 2027/2028 and then the paddle steamer Uri will be completely rebuilt. Her last rebuild was just over thirty years ago in 1991-1994. There are also plans in the pipeline for a new large motor ship.
Kingswear Castle returned to service in 2023 after the first part of a major rebuild which is designed to set her up for the next 25 years running on the River Dart. The Paddle Steamer Kingswear Castle Trust is now fund raising for the second phase of the rebuild. You can read more about the rebuilds and how you can help if you can here.
John Megoran
