Penguin International (BTM) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 27.8% YoY to $235.8m, gross profit increased 60.1% to $84.5m and net profit after tax climbed 112.2% to $35.5m.

• Higher-value shipbuilding projects and expanded vessel charters supported growth, alongside stronger demand in offshore energy and tourism markets.

• Europe and the Middle East led revenue, contributing $65.8m and $58.1m, respectively; repeat customers generated about two-thirds of shipbuilding revenue.

Financial highlights

• Revenue was $235.844m versus $184.595m; cost of sales was $151.336m versus $131.816m; gross profit reached $84.508m versus $52.779m.

• Operating profit was $45.079m versus $22.434m; profit before tax was $43.503m versus $21.488m; profit for the year was $35.530m versus $16.740m.

• Administrative expenses rose to $30.539m from $23.315m, mainly on higher headcount and wages; other operating expenses included a $2.021m net FX gain versus a $1.390m loss.

Outlook and guidance

• Offshore energy remains the primary demand driver; management expects demand to continue, supported by reported long-term investment in wind and petroleum projects.

• Maritime security demand in West Africa remains robust, with the Flex Fighter design described as an industry standard beyond the core Nigerian market.

• Further growth in renewable activity is targeted following Electric Dream; hybrid crewboats and Tuas shipyard solarisation are part of ongoing decarbonisation plans.

• Higher material and labour costs, longer equipment lead times and FX fluctuations are expected to weigh on performance.