Pacific Radiance (RXS) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 40% to US$43.8m; net profit increased 78% to US$25.9m, primarily due to non-recurring items. Adjusted EBITDA was US$6.9m.

• Growth reflected higher ship repair and ship management activity, new ship agency revenue, and vessels acquired in late FY2023 and early FY2024.

• Net assets increased to US$79.8m from US$37.7m; year-end cash and bank balances were US$17.8m.

Financial highlights

• Revenue was US$43.842m versus US$31.405m; gross profit reached US$14.309m versus US$12.540m.

• Other operating income rose to US$24.045m from US$16.833m, including US$10.8m debt-forgiveness gain, US$5.51m associate impairment write-back and US$4.282m deferred vessel-sale gain.

• General and administrative expenses increased 9% to US$13.6m; other operating expenses rose 77% to US$1.4m, mainly due to derivative warrant fair-value loss.

• Finance costs declined 58% to US$0.4m after bank-loan repayments; profit before tax was US$24.162m and profit for the year US$25.855m.

• Operating cash flow was US$15.557m; investing cash outflow was US$19.870m, including US$20.031m property, plant and equipment purchases.

Outlook and guidance

• FY2025 outlook remains uncertain amid trade tensions, regional conflicts and global trade and supply-chain realignments; outlook assumes no further geopolitical or macroeconomic disruptions.

• Oil-and-gas OSV demand is expected to remain supported by supply constraints; plans include exploring fleet and service expansion.

• Offshore-wind demand for crew transfer vessels and support services is expected to grow; planned actions include accelerating CTV and support-service investment.

• New CTV construction began in FY2024 and is expected to create an additional revenue stream in the year ahead; digitalisation efforts will continue.