Marco Polo Marine posts 159.4% rise in first-half profit to $11 million on higher charter rates

SINGAPORE - Marco Polo Marine on May 13 posted a 159.4 per cent rise in net profit for the first half of financial year 2024 to $11 million from $4.2 million in the same period in 2023.

The improvement was largely due to strong performance from the group’s ship chartering segment on higher charter rates compared with the first half of 2023.

The results translate to earnings per share (EPS) of 0.29 cent, against an EPS of 0.12 cent in the same period in 2023.

Revenue, meanwhile, was up 10 per cent to $61.6 million from $55.9 million in the same period a year ago.

The group’s ship chartering operations recorded a revenue jump of 34.3 per cent to $32.9 million from $24.5 million. It achieved higher charter rates for its fleet of offshore supply vessels.

Marco Polo Marine also benefited from chartering third-party offshore supply vessels as a result of its asset-light approach. These vessels were rechartered at higher rates by the group for various short-term offshore projects.

However, its shipbuilding and repair operations registered an 8.6 per cent drop in revenue to $28.7 million as ship repair volume fell, partially offset by higher shipbuilding-related activities.

Shares of Marco Polo Marine were up 0.1 cent, or 1.4 per cent, at 7.1 cents as of the midday trading break on May 13.

THE BUSINESS TIMES