[SINGAPORE] Seatrium’s net profit for the six months ended Jun 30 grew 301.3 per cent to S$144.4 million, from S$36 million during the same period last year, marking the second time of net profits for a half year since its reconstitution in 2023.
Revenue for the first half-year was up 33.7 per cent at S$5.4 billion, from S$4 billion in the corresponding period in 2024, “reflecting strong execution of its robust order book”, said the offshore and marine specialist in a bourse filing on Thursday (Jul 31).
Gross margin was up at 7.4 per cent for H1, from 3.7 per cent a year earlier. This was due to “a favourable mix of higher-margin projects, operational efficiencies and continued cost optimisation”, said the company.
As at end-June, Seatrium’s net order book stood at S$18.6 billion, of which S$6.3 billion, or 34 per cent, are renewables and cleaner solutions, it highlighted.
Earnings per share (EPS) for the period stood at S$0.0426 from an EPS of S$0.0105 in the year-ago period.
No dividend was proposed for the period, same as in H1 2024.
Chris Ong, chief executive officer of Seatrium, noted that the H1 financials showed Seatrium’s “disciplined execution as well as the robustness and diversity of its order book”.
“Despite a volatile macro environment, rising global energy demand and an increased focus on energy security continue to shape industry priorities and underpin a sizeable pipeline for energy infrastructure assets,” said Ong, adding that Seatrium’s healthy order book continues to provide revenue visibility.
Shares of Seatrium closed on Thursday up 0.8 per cent or S$0.02 at S$2.40, after it announced fines totalling S$240 million to settle corruption offences.
