Marco Polo Marine (5LY) Q3 2024 TU earnings summary

Executive summary

• 3QFY2024 revenue fell 4.6% YoY to S$34.9m, while gross profit rose 2.6% to S$14.6m as gross margin expanded 3.1 ppt to 41.8%.

• 9MFY2024 revenue increased 4.0% YoY to S$96.5m and gross profit rose 15.4% to S$36.8m.

Financial highlights

• 3QFY2024 revenue was S$34.9m versus S$36.8m in 3QFY2023; gross profit was S$14.6m versus S$14.2m.

• 9MFY2024 revenue was S$96.5m versus S$92.7m; gross profit was S$36.8m versus S$31.9m.

Outlook and guidance

• Near-term OSV outlook remains positive, supported by clean-energy investment growth and tight offshore oil-and-gas vessel supply.

• Dry Dock 4 is expected to contribute to revenue and profits by 2QFY2025; anticipated completion is February 2025.