Steamships Trading Company (SST) H1 2025 earnings summary

Executive summary

• Revenue from ordinary operations rose 6.7% year-over-year to K361.6 million, with all divisions performing ahead of expectations despite soft economic conditions.

• Profit after tax attributable to members decreased 1.7% to K24.8 million, impacted by significant items including ERP upgrade costs and property disposal gains.

• Interim dividend of 40 toea per share proposed, subject to Board approval.

Financial highlights

• Net operating cash flow increased to K69.3 million from K53.4 million year-over-year.

• Capital investment for the period was K130.5 million, up from K69.6 million in the prior year.

• Depreciation charge rose to K60.0 million from K55.0 million.

• Cash and bank balances at period end were K37.9 million, up from K30.7 million.

• Basic and diluted EPS were 80.1 toea, down from 81.5 toea.

Outlook and guidance

• Positive first-half performance expected to continue for the rest of the year, though macroeconomic growth remains subdued.

• Cautious optimism for the second half, with ongoing challenges in foreign currency access and delays in natural resource projects.