- Business - RINA reports double-digit growth

By Conor Feasey

RINA reports double-digit growth

The Italian classification society made around 800 million euros in revenue during 2023 and now plans to reach €2 billion by the end of the decade…

Image Credit: RINA

Registro Italiano Navale (RINA) has reported net revenues of €797 million in its financial statement for the fiscal year ending 31 December 2023. The figure is up 10% compared to 2022, with a 13% increase in EBITDA and a net profit of €12.5 million.

The figures uphold the growth in revenues and profitability over the past few years, establishing a strong foundation for the upcoming cycle, with further gains expected from the capital investment by RINA’s new shareholder, Fondo Italiano d’Investimento. The Italian classification society has now set out a new plan to achieve revenues of €2 billion and expand its workforce to 10,000 employees by 2030.

“I’m delighted to have joined such an extraordinary team and humbled by the opportunity to lead my colleagues into the next growth cycle of RINA,” says Carlo Luzzatto, CEO and General Manager, RINA.

“As set out in our new strategic plan, over the next few years we aim at becoming more and more an essential reference point for our clients by supporting them with our broad-based knowledge and leveraging a unique ecosystem built on the continuous sharing of expertise, the cross-functional application of our technical know-how, and our ability to innovate across all sectors in which we operate.”

RINA closed the Q1 of 2024 similarly to the first quarter of 2024, with a new order intake of around €310 million and operating revenues of €210 million, up 17% from the same period the previous year. Based on said results, the firm claims it is in on target the guidance for the year.

To drive the next phase of growth and achieve its multi-billion euro and 20% EBITDA targets by 2030, RINA says that it is likely to look towards more merger and acquisition opportunities, with the firm already looking at potential ventures alongside its new shareholders.

“I am very pleased to have had the opportunity to complete the operation which led to the entry of Fondo Italiano d'Investimento into our shareholding,” says Ugo Salerno, Executive President of RINA. “The new shareholders have shown that they believe in RINA's potential, supporting a new phase of development that will take place both organically and inorganically.”

RINA’s strategic plan targets several key areas to achieve the Group's objectives. In the energy transition, RINA aims to guide companies through decarbonisation by designing, supporting, and verifying implementation plans using its extensive knowledge and emerging technologies.

In integrated asset management, RINA will leverage its multidisciplinary expertise from sectors like energy, infrastructure, shipping, and real estate in an attempt to further establish itself as a benchmark for managing facilities, infrastructure, and operations.

RINA seeks to advance smart compliance by developing new strategies in the Testing, Inspection & Certification (TIC) sector to address technological advances and navigate evolving national and global regulations, including ESG and digital compliance.

In infrastructure and urban transformation, RINA’s experience in projects spanning infrastructure, transportation, real estate, and building refurbishment will help to enhance its role in both public and private sector initiatives.

Lastly, in new economies, RINA is positioned to support the growth of sectors such as underwater, cybersecurity, aviation, and space by addressing significant interdisciplinary challenges.

“IRINA’s commitment to innovation has been recently boosted by the launch of the ‘AI Factory,’” adds Luzzatto. “The newly formed team of professionals will drive breakthrough developments of our services, enabling our customers to better read and anticipate the evolving and often challenging dynamics of the industries in which they operate and, therefore, succeed in achieving their business goals.”

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