Marco Polo Marine - UOB Kay Hian 2024-12-06: FY24 Earnings Beat; Bright Prospects Ahead

• Marco Polo Marine (SGX:5LY) registered FY24 core earnings of S$26m (+4% y-o-y), beating our forecast of S$24m by 9%. This was mainly due to better-than-expected gross profit margin of 39.3% (+3ppt y-o-y), as a result of higher average charter rates in the offshore upcycle.

Earnings beat; dividend maintained.

• - Read this at SGinvestors.io -
• Marco Polo Marine proposed a dividend of 0.1 cents per share, similar to its inaugural dividend last year.

Lower shipyard revenue, but volumes are returning.

• - Read this at SGinvestors.io -
• We expect volume recovery in FY25 as all dry docks were fully available from Sep 24, while the 4th dry dock will enhance capacity by up to 25% to boost revenue.

Ship chartering revenue rises on elevated charter rates.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-12-02 Marco Polo Marine - FY25 Strong Finish; Positive Outlook For FY26.

Previous report by UOB:
2025-11-17 Marco Polo Marine - Game-changing Shipbuilding Contract Marks A New Growth Chapter; Raise Target Price By 57%.

Price targets by 2 other brokers at Marco Polo Marine Target Prices.

Listing of research reports at Marco Polo Marine Analyst Reports.

Relevant links:
Marco Polo Marine Share Price History,
Marco Polo Marine Announcements,
Marco Polo Marine Dividend Payout Dates & Corporate Actions,
Marco Polo Marine News