CH Offshore (C13) H1 2024 earnings summary

Executive summary

• 1H2024 net profit was US$1.11m versus a US$4.37m loss in 1H2023, driven by higher gross profit and lower other expenses.

• Revenue rose 74.4% YoY to US$14.82m as owned-vessel utilisation improved and third-party charter revenue increased.

Financial highlights

• Gross profit before direct depreciation increased to US$5.55m from US$1.03m; gross profit after direct depreciation was US$3.26m versus a US$1.28m loss.

• Profit before tax was US$1.36m versus a US$4.45m loss; net profit was US$1.11m versus a US$4.37m loss.

• Administrative expenses rose 11.6% to US$1.77m, while other expenses fell 89.6% to US$0.16m, mainly due to lower expected credit loss allowances.

• Operating cash flow was US$5.83m versus US$1.77m; cash and cash equivalents ended at US$7.32m, up from US$4.73m at 31 Dec 2023.

Outlook and guidance

• 1H2024 results were broadly in line with the profit guidance announced on 19 July 2024.

• Operations will be managed conservatively amid market volatility and geopolitical tensions.