Atlantic Navigation Holdings 5UL has reported earnings of US$18.1 million, increasing 61.6% from its US$11.2 million earnings in FY2022.
Earnings per share (EPS) for FY2023 came to 3.46 US cents, up over 2.14 US cents in FY2022.
Revenue for the full-year period increased 40.3% y-o-y to US$91.0 million while gross profit rose 40.3% y-o-y to US$32.0 million.
This was mainly due to overall higher contribution from its owned vessels including two vessel additions to its fleet, cross charters and two spot projects, and was partially offset by lower contributions from six vessels due to a scheduled special survey completed in FY2023.
As at Dec 31, 2023 cash and cash equivalents stood at US$3.9 million.
No dividend was declared for the period.
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Executive director and CEO Bill Wong says: “While our operations are predominantly confined to the Arabian Gulf in the Middle East which are not significantly impacted by recent conflict in the Middle East, we continue to maintain a vigilant watch over the situation and interact closely with our clients as well as underwriters to respond effectively in the event of any adverse change which could impact our operations.”
“At the group level, our operational performance augmented by our gradual fleet expansion plan as well as the prudent management of debt and gearing had resulted in record financial performance in FY2023. We look forward to the OSV new-build under construction as well as Atlantic Capella (formerly known as Berkat Teguh) to our operational fleet in the second quarter of 2024 to support the growth trajectory of the group,” he adds.
Shares in Atlantic Navigation closed flat at 27 cents on Feb 29.
