Marco Polo Marine has reported earnings of $10.5 million for 2HFY2022 ended Sept 30, up 19.3% y-o-y. Revenue in the same period was up 133.9% to $58.5 million, as the company booked more chartering income.
Adjusted net profit, which excludes forex and one-offs such as reversal of impairment loss on receivables and one-off gains, was $11.6 million, a 370.2% y-o-y surge.
For the whole of FY2022, Marco Polo reported earnings of $21.3 million, up 44.4%; revenue was up 86.7% to $86.1 million.
In 2HFY2022, the company's ship chartering operations led the growth, with a 219.6% y-o-y gain in revenue to $34.2 million, as newly acquired vessels began to contribute to the bottomline. Higher utilisation rates helped too.
Its shipbuilding and repair business grew too, although at a slower pace of 69.9% to $24.3 million.
CEO Sean Lee calls FY2022 a "monumental year" for the company as it expanded into the offshore windfarm sector for chartering income.
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"Our joint venture with Oceanic Crown Offshore Marine Services and the acquisition of PKR Offshore has cemented our position as one of the leading OSV service providers supporting the offshore windfarms in Taiwan," says Lee.
"Together with our growing ship repair business, we have delivered a commendable performance for the year despite a challenging macroeconomic outlook," he adds.
Going forward, Lee warns that the offshore and shipping industries continues to face uncertainties amidst the challenging macroeconomic and geopolitical landscape.
Marco Polo, he says, will try to improve its operational efficiency and to also speed up its expansion into the renewable energy market segment.
“As an overall strategy, we are committed to targeting our collective efforts and resources towards meaningful change in the renewables sector,” says Lee.
“We hope to deepen our push into this space through synergistic partnerships and the addition of new state of-the-art vessels, including our self-developed commissioning service operation vessel which is currently under construction, to further support the growing demand from offshore windfarm projects,” adds Lee.
Marco Polo Marine shares closed Nov 24 at 4.4 cents, up 2.33% for the day and 46.67% year to date.
