Penguin International (BTM) H2 2023 earnings summary

Executive summary

• FY2023 net profit after tax rose 58.5% YoY to $16.7m, with revenue up 34.9% to $182.4m and gross profit up 45.6% to $52.3m.

• Offshore Energy, spanning petroleum and wind, remained the main earnings driver; shipbuilding and chartering both grew.

Financial highlights

• Revenue was $182.4m vs $135.2m in FY2022; gross profit was $52.3m vs $35.9m.

• Profit before tax rose to $21.5m from $14.6m; net profit was $16.7m vs $10.6m, and EPS was 7.60 cents vs 4.79 cents.

• Operating profit was $22.4m vs $14.0m; finance costs increased to $2.4m from $0.6m.

• Net asset value per share was 89.98 cents, up from 87.15 cents in FY2022.

Outlook and guidance

• FY2024 outlook remained guarded amid political and economic uncertainty; Red Sea-related shipment disruption had limited impact so far but was being monitored closely.

• Two major build-to-order contracts—a pair of 56m RoPaxes and the first of two 38m fire-fighting search-and-rescue vessels—were on schedule, with long-lead items secured.

• Overseas discussions were underway with ship owners and project developers for potential electric-vessel projects; management noted such opportunities take time.