Atlantic Navigation Holdings 5UL , an integrated offshore marine logistics group, has reversed to profitability from its losses in the year before.
For the FY2022, earnings stood at US$11.2 million ($15.1 million), up from the US$13.2 million loss in the year before as revenue and gross profit rose on a y-o-y basis.
For the 2HFY2022, earnings surged over five times to US$4.3 million from US$826,000 in the 2HFY2021 for the same reasons.
Earnings per share (EPS) for the 2HFY2022 and FY2022 stood at 0.82 US cents and 2.14 US cents respectively.
Revenue for the FY2022 increased by 48.0% y-o-y to US$64.9 million as the group’s utilisation rate rose by 17 percentage points y-o-y to 91% in FY2022.
Gross profit rose by 281.2% y-o-y to US$22.8 million as gross profit margin (GPM) for the FY2022 rose 21.5 percentage points y-o-y to 35.1%.
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As at Dec 31, 2022, cash and cash equivalents stood at US$2.4 million.
No dividend was declared for the period.
“We are heartened that we have largely recovered from the Covid-19 pandemic to achieve commendable performance in FY2022. This achievement represents our team resilience and cohesiveness in executing firm contracts secured into actual utilisation rate of about 91% on average in FY2022,” says Bill Wong, executive director and CEO of Atlantic Navigation Holdings.
“Moving forward, we look towards continuing our strong operational performance in FY2023 and beyond, managing our leverage level prudently while evaluating investment opportunities to generate future growth of the group with the support of our principal bankers and key stakeholders,” he adds.
Shares in Atlantic Navigation closed flat at 10.5 cents on March 1.
