CH Offshore (C13) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 8.9% to US$26.229m as owned-vessel utilisation and charter rates improved; net profit was US$1.317m versus a loss of US$8.249m in FY2023.

• Owned-vessel utilisation increased to 54% from 44%; higher owned-vessel revenue was partly offset by lower third-party charter-in revenue.

Financial highlights

• Revenue was US$26.229m, up 8.9% YoY; cost of sales fell 24.6% to US$15.142m.

• Gross profit after direct depreciation was US$6.160m versus a US$0.717m loss; operating profit was US$1.984m versus an US$8.502m loss.

• Net profit was US$1.317m versus a US$8.249m loss; attributable profit was US$1.138m and basic/diluted EPS was US$0.16 versus a US$1.22 loss per share.

• Operating cash flow rose to US$7.708m from US$0.332m; cash at year-end was US$7.847m versus US$4.726m.

• Administrative expenses increased 15.2% to US$3.731m on higher payroll and professional fees; finance costs eased to US$0.331m from US$0.354m.

Outlook and guidance

• 2025 vessel supply is expected to remain constrained by retirements and limited new builds, supporting stronger charter rates and utilisation; market volatility and oil-trade uncertainty remain.

• Oil and gas investment is expected to grow selectively, while muted global growth, persistent inflation and interest-rate uncertainty weigh on the outlook.

• Priorities include investment in technology and operational efficiency, market diversification, and exploring offshore renewables opportunities.