Viking IPO: Net Operating Margin 17.4% for 2023

Viking Orion

Filing for its IPO, Viking posted a net loss of $1.9 billion on revenues of $4.7 billion for the year ended Dec. 31, 2023, compared to net income of $166.3 million on $3.2 billion in revenues for 2019, before Covid.

The 2023 result was impacted by interest expenses, currency cost and private placement derivatives, otherwise Viking posted net operating income of $818.4 million for an operating margin of 17.4 percent, compared to 20.5 percent for Royal Caribbean Group and 9 percent for Carnival Corporation.

Cruise and land revenues were $4.4 billion or approximately 93 percent of total revenues, with onboard and other at $326 million or approximately 7 percent of the total.

Outlining the reasons behind its success, the IPO stated that its market focus was on English-speaking travelers aged 55 and over and that it does not try to be all things to all people.

Secondly, Viking stated that is product was well-defined and consistent, maximizing space utilization by avoiding features that are unnecessary for its target customers.

Operating identical ships simplifies the marketing process, according to Viking. It allows older ships to achieve similar yields, and it creates operational flexibility as well as efficiencies in shipbuilding, maintenance and crewing.

Thirdly, it said that it relies on direct marketing to drive the majority of its bookings.

Also, highlighted was what it called being contrarian in investment decisions, using periods of economic downturn or lower consumer interest to secure favorable conditions for its future newbuilding program in the form of competitive pricing and attractive financing.

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