Meyer Turku has reported a third profitable year, with a net profit of 32.2 million euro for 2017.

The yard said the strong performance would help finance its 200 million euro investment program at Turku shipyard, which is led by CEO Jan Meyer.

“These good figures give us an opportunity to prepare for the coming years and growing international competition. We are using these profits to finance the large scale investments we urgently need to rebuild the Turku shipyard into a modern ship assembly factory and to train our personnel and to further grow our team of ship builders in Turku,” said Meyer.

Total revenue was 807.7 million euro for 2017, up from 787.5 million euro in 2016.

Net profit for the financial year rose from 26,2 million Euros (3.3% of revenue) to 32,2 million euros (4,0% of revenue).

Meyer Turku delivered two ships in 2017 for the first time in decades, including the Megastar to Tallink and the Mein Schiff 6 to TUI Cruises.

The investment program includes a new 1,200 ton goliath crane, a steel pre-treatment and storage facility and several large scale IT system investments.

“The investments are urgently needed to replace the aging machines and they are an opportunity to realize a higher capacity and productivity,” the yard said.

Shipyard has also been actively recruiting new personnel, with head count growing from 1,614 to 1,854 year over year.