- Seatrium (SGX:5E2) reported better-than-expected 1H24 underlying net profit of S$115m which excludes one-off items. On the new-order win front, the company had a very successful first half of the year, garnering S$13.4b in new orders and thus ending 1H24 with a decade-high net orderbook of S$26.1b.
- - Read this at SGinvestors.io -
Back in the black in 1H24 coupled with continued improvement in EBITDA.
- Seatrium announced a 39% y-o-y increase in revenue to over S$4b, and more importantly, NPAT and underlying NPAT (which excludes one-off items) of S$36m and S$115m respectively in 1H24 – these were marked improvements over the losses seen in 1H23.
- In addition, Seatrium's underlying EBITDA for 1H24 rose nearly 10-fold y-o-y to S$390m, driven by higher revenue, margin improvement and lower costs.
Solid outlook for new order wins.
- - Read this at SGinvestors.io -
- Management also stated that TenneT could potentially award more contracts in the medium term (the prior contract was worth EUR2b).
- Both the BP and TenneT contracts share the same characteristics in that both are ‘series builds’ and thus with the repeatability, Seatrium can achieve higher margins due to higher efficiencies and economies of scale.
A successful 1H24 for new orders.
- Read more at SGinvestors.io.
