Diesel outboard manufacturer OXE Marine reported net sales of $17.4 million in its 2023 annual report, a 28% increase compared with the previous year. The company said it received an order of $5.8 million from a U.S. government agency and an 80-engine order from the Philippines coast guard.
“The focus this year has been to dig where we stand; we have put the customer first,” CEO Paul Frick said in a statement. “We have gone about this in three main steps, firstly increasing our focus on spare parts distribution, where we dramatically reduced the backlog of spare parts orders at the same time as growing this segment 129% year on year. Secondly, by increasing our focus on the aftermarket support by recruiting more technical area managers to support the engines in operation. And then thirdly to prioritize engineering focus on product development on the existing product range over and above new products.”
Propulsion sales in 2023 were $10.8 million, an increase of less than 1% compared with the prior year, and parts and accessories were $6.6 million, a 129% increase.
In the report, OXE said it focused on improving its service and support network to cope with growing demand for engines.
Two products in development are the Jet-Tech waterjet outboard and OXE hybrid outboard. The company said Jet-Tech units are on the water in beta testing, and that it received patent approval for the OXE hybrid.
Another project launched in 2023 was a refurbishment program in which OXE Marine remanufactures older engines to be sold back into the market with a lower price and limited warranty.
The company expanded its footprint in Asia, South America and North America.
