At the turn of the year, it is time to look back at 2023. The world was plagued by a pessimistic mood at the beginning of the year as the global economy faced the challenges of inflation and the prospects for low growth.
PASSER SIDC kept the promise to keep developing; it grew by thirty percent last year. That was due to the expansion of cable handling production, a new client in Western Europe, and the introduction of a new segment, i.e. expedition yacht construction. The year 2023 for PASSER SIDC ended with a profit (there was a different story in 2022).
The establishment of a new factory in Lithuania doubled our production capacity here. This facility is not just perfect for our operations and products; it also reduces our environmental impact. We are currently in the process of buying the necessary equipment.
New PASSER SIDC factory in Klaipeda, Lithuania
Leasing a factory in Holland enables us to produce an additional ship during the year.
PASSER Group is committed to the renewable energy sector, quality, and innovation. For PASSER SIDC, 2023 was the start of expedition yacht production, while sister company PASSER Products introduced a range of innovative and effective vertical layup machines (VLM) for use in cable manufacturing plants. These projects mark significant milestones in PASSER Group history.
Partnering with other companies helps us meet changing and challenging market demands. Once completed, a 23-metre-diametre cable carousel will be delivered to PASSER LARS. Additionally, we have launched a second vessel built in collaboration with Royal Bodewes at the shipyard in the northern Netherlands. The departure of two metal hulls of unmanned vessels from the PASSER SIDC workshop to undergo further work in Norway starts a new era in shipbuilding.
Hulls of two unmanned ships in PASSER SIDC factory
I am delighted to mention the recognition of PASSER SIDC’s achievements at the annual conference of the Lithuanian Confederation of Industrialists. The company received the Lithuanian Exporter of the Year 2022 award! We are also pleased to contribute to the blue economy in the Lithuanian Maritime Cluster.
PASSER SIDC growth would not be possible without a great team and its dedication to delivering results. Today, it employs 350 professionals of 15 different nationalities. They have already completed projects in Europe, Asia, and North and South America.
Participation in various activities, projects, and other initiatives fosters team spirit. The PASSER SIDC team planted 100 trees in the emerging forest and tried their hand at sporting events such as the Vikings Rowing Competition and the Klaipeda city sports festival Run of Hope 2023. Simas and Aleksandras, our strongest men, took on physical challenges at the Ironman competition in Poland and Tallinn; together with Simas, I participated in the Spartan World Championship in Abu Dhabi (United Arab Emirates). The company continues to support children with special needs.
Participating in Vikings Rowing Competition
Looking at 2024, we have plans for internal restructuring within the company in preparation for future growth while maintaining turnover at the same level. The previous five years have seen the company expand, necessitating internal process updates. Therefore, this year, we will focus on bolstering and digitizing our operations as part of preparation work before stepping into the next expansion phase.
Thanks to all customers, partners, stakeholders, and teams for participating in our journey so far. I look forward to continuing it together towards achieving even greater heights!