Penguin International BTM has reported earnings of $16.7 million for the FY2023 ended Dec 31, 2023, 58.6% higher than its earnings of $10.6 million in FY2022.
For the full-year period, earnings per share stood at 7.6 cents, increasing from 4.79 cents in the previous financial year.
Revenue for FY2023 also increased 34.9% y-o-y to $182.4 million, due mainly to an increase in the number of stock vessels sold and an increase in chartering activity y-o-y.
As a result, gross profit for FY2023 increased 45.6% y-o-y to $52.3 million, with improved margins from shipbuilding and chartering activities.
As at end-December, cash and cash equivalents stood at $19.8 million.
A final dividend of 3.42 cents per ordinary share has been declared for FY2023.
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The company is currently experiencing some supply chain disruption and cost escalation from European suppliers shipping through the Red Sea, although the current impact on deliveries and margins is minimal.
Penguin’s management is in talks with affected suppliers and assessing the situation regularly, but notes that it expects materials related cost uncertainties to persist for the foreseeable future.
Shares in Penguin closed 0.5 cents lower or 0.59% down at 84.5 cents on Feb 23.
