ASL Marine Holdings (A04) H1 2024 earnings summary

Executive summary

• 1H FY2024 revenue rose 30.8% YoY to $178.7m; net profit was $1.7m versus a $20.8m loss, and adjusted EBITDA increased to $42.0m from $21.8m.

• 2Q revenue grew 30.5% YoY to $90.6m; net loss narrowed to $1.7m from $13.0m, while PBT was $0.5m versus an $11.9m loss.

• Positive operating cash flow continued, with recovery efforts focused on shipbuilding, shiprepair and ship chartering.

Financial highlights

• 1H gross profit rose to $25.3m from $1.4m; gross margin was 14.1% versus 1.0%.

• 1H PBT was $5.3m versus a $19.9m loss; excluding amortisation of prior-year loan and bond fair-value adjustments, PBT was $12.3m versus a $13.2m loss.

• 1H operating cash flow was $29.8m versus $34.0m; investing activities generated $11.0m versus a $7.4m outflow.

Segment performance

• Shipbuilding revenue rose to $33.9m from $7.9m; gross profit was $0.7m, with tanker cost overruns partly offset by barge construction and deliveries.

• Shiprepair, conversion and engineering revenue increased to $87.8m from $82.0m; 1H gross profit rose 37.4% to $23.1m.

• Shipchartering revenue grew 21.8% to $57.0m; charter revenue rose 33.4% to $49.4m, and the segment returned to $1.4m gross profit from a $14.8m gross loss.

• Charter growth reflected OSV deployments and new local infrastructure projects; lower fuel prices and consumption supported gross profit, partly offset by reduced overseas towage and rock transport.

• Higher contributions and gross earnings across all three segments supported 1H revenue growth and the return to profit before tax.