Baker Technology (BTP) H2 2024 earnings summary

Executive summary

• FY2024 revenue was $92.0m, up 1% YoY; net profit rose to $19.1m from $3.6m, driven by higher vessel utilisation, a $3.6m FX gain and no repeat of FY2023 vessel impairment.

• Net profit attributable to owners increased 119% to $18.2m; excluding FX gains/losses, profit after tax was $15.5m versus $5.8m.

• Cash and short-term deposits rose to $112.0m, supporting a proposed 2.0-cent final dividend per share.

Financial highlights

• Revenue was $92.019m versus $91.415m; gross profit increased to $35.790m from $28.044m.

• Profit before tax was $20.059m versus $3.222m; profit after tax was $19.097m versus $3.572m.

• Other income was $7.685m, including $3.625m FX gain and $3.529m interest income; FY2023 included a $4.160m vessel impairment loss.

• Operating cash flow rose 33% to $39.431m; investing activities generated $7.934m versus $35.389m used in FY2023, largely reflecting short-term deposit maturities and placements.

• 2H2024 revenue fell to $39.638m from $52.381m in 1H, mainly on lower charter revenue from reduced vessel utilisation; 2H profit after tax was $6.108m versus $12.989m in 1H.

Outlook and guidance

• 2025 demand may benefit from selective oil and gas exploration and production spending, vessel retirements and limited new builds; these factors could support improved charter rates and utilisation.

• Outlook remains conditional on Middle East tensions, oil trade flows and prices, and broader economic uncertainty; investment priorities include technology, efficiency and market diversification.