T S Lines (2510) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 53.3% YoY to US$1,340.4m; profit attributable to equity shareholders reached US$365.9m, versus US$20.7m in 2023.

• Gross profit recovered to US$315.0m from a US$33.8m loss; basic EPS was US$0.254 versus US$0.015.

• A final dividend of US$0.110 per share was proposed, subject to shareholder approval.

Financial highlights

• Revenue increased 53.3% to US$1,340.4m; container shipping revenue grew 58.5% to US$1,270.8m.

• Gross margin was 23.5%, versus negative 3.9% in 2023, as freight rates increased faster than cost of sales.

• Operating profit was US$344.9m, versus an operating loss of US$31.5m; profit before tax was US$365.9m, versus US$13.8m.

• Profit attributable to equity shareholders rose 1,666.9% to US$365.9m; total profit for the year was US$366.2m.

• Cost of sales rose 12.9% to US$1,025.4m; cost per TEU held at ~US$620.

Outlook and guidance

• 2025 container market demand growth is projected at 3%–4%; freight rates may fluctuate with supply-demand shifts and geopolitical developments.

• 2025 priorities include route optimization, deeper supply-chain integration, flexible operating strategies, and digital transformation to support sustainable growth.

• Seven new vessels are on order; one 7,000 TEU vessel is expected in 2026 and the other six vessels in 2027.