Marco Polo Marine has announced earnings of $8.8 million for the 2HFY2021 ended September, reversing from the $8.5 million loss the previous year.
This brings total FY2021 earnings to $14.8 million, reversing from the $9.2 million loss for FY2020.
The FY2021 earnings translate to earnings per share of 0.42 cents, compared to a loss per share of 0.26 cents the year before.
Revenue for FY2021 increased nearly 50% y-o-y to $46.1 million driven by growth from both the ship chartering and shipbuilding and repair operations of the group.
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Gross profit for the period surged 171% to $12 million, compared to $4.4 the previous year, underpinned by a higher gross margin of 26.1%, compared to 14.3% the previous year.
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Other operating income also grew more than nine times to $14.2 million in FY2021, compared to $1.5 million in FY2020, due to one-off gains from the acquisition of debt and gain on disposal of property plant and equipment.
As a result of the higher gross profit and operating income, net profit came in at $14.8 million for FY2021, reversing from the $9.2 million loss the previous year.
Excluding one-off gains and losses, the group's net profit for FY2021 came in at $3 million, compared to a loss of $8.9 million in FY2020.
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The group’s cash position stood at $16.1 million as of Sept 30.
Looking ahead, Marco Polo Marine says the prolonged Covid-19 pandemic will still be a challenge for the offshore marine industry, though the gradual relaxation of border restrictions will aid the sector’s recovery.
“The group recorded a commendable performance in FY2021 and we will continue to seize opportunities. We are working on expanding into the renewable energy sector and extend beyond the group’s target markets to diversify our source of revenue. While we have to be mindful of the overall recovery globally, we are optimistic about the momentum ahead.” says Sean Lee, CEO of Marco Polo Marine.
For the group’s ship chartering business, Marco Polo Marine says it will continue to explore opportunities to support the booming offshore wind farm market. The utilisation of the group’s fleet of tugboats and barges is also expected to continue to improve as construction activities in Singapore have picked up pace.
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The extension of the group’s shipyard’s dry dock 1 remains on track. Approximately 54% of the construction has been completed and is expected to be fully completed by January 2022. The Group will continue to focus on securing ship repair and maintenance orders from regional ship owners.
Shares in Marco Polo Marine closed down 0.1 cent or 3.45% lower at 2.8 cents on Nov 25.
Photo: Marco Polo Marine
