Penguin International (BTM) H1 2025 earnings summary

Executive summary

• 1H2025 revenue rose 103.7% YoY to $122.0m, gross profit increased 47.2% to $39.7m and net profit after tax climbed 142.9% to $7.0m.

• Growth was led by shipbuilding activity, while chartering revenue also increased as newbuild crewboats were deployed to the Middle East and Africa.

Financial highlights

• Revenue was $122.041m vs $59.898m; cost of sales rose to $82.377m from $32.959m, and gross profit reached $39.664m vs $26.939m.

• Operating profit was $10.836m vs $6.109m; profit before tax was $10.019m vs $5.649m, and net profit was $7.026m vs $2.892m.

• Other income increased to $5.486m from $2.794m, largely reflecting gains from fleet vessel sales; other operating expenses rose to $15.799m from $6.271m.

• Other operating expenses included a $7.4m net foreign exchange loss, compared with a $1.5m gain in 1H2024, mainly due to US dollar weakening.

Outlook and guidance

• Short-to-medium-term demand for Flex crewboats and WindFlex Crew Transfer Vessels is expected to remain steady despite weaker oil prices and slower European offshore windfarm development.

• Management is monitoring Middle East geopolitical developments; conditions were described as stable and regional business activity largely unaffected at the announcement date.

• Fleet and shipyard expansion projects remain cash priorities; no interim dividend was recommended for 1H2025.