Pacific Radiance (RXS) H1 2024 earnings summary

Executive summary

• 6M 2024 revenue rose 17% YoY to US$19.1m; net profit increased to US$16.4m, primarily reflecting debt-forgiveness and deferred-vessel-gain income.

• Operating performance improved across Ship Management and Shipyard, while cash fell US$3.1m after vessel investment and financing outflows.

Financial highlights

• Revenue was US$19.055m, up 17% YoY; gross profit was US$6.343m, up 22% YoY.

• Profit before tax rose to US$16.031m from US$3.506m; net profit was US$16.382m versus US$3.464m.

• Other operating income increased to US$17.106m, mainly from US$10.8m bank-loan forgiveness and US$4.282m deferred gain on vessels; related-company debt forgiveness added US$1.805m.

• Operating cash flow was US$14.080m; investing outflow was US$14.434m, and financing outflow was US$2.747m.

Outlook and guidance

• Offshore support vessel demand is expected to remain strong, supported by supply constraints after years of tonnage removal and underinvestment.

• Offshore wind vessel demand is expected to grow with energy-transition investment and energy-security priorities; management aims for revenue growth while managing market risks.