- Seatrium’s FY24 net profit exceeded our full year forecast by 3.9%, which we deem to be slightly above our expectations.
Stronger than expected revenue recognition in 2H24
- - Read this at SGinvestors.io -
- EBITDA more than doubled from S$236m in FY23 to S$627m in FY24 on cost optimisation and restructuring initiatives, translating to an expansion of EBITDA margins from 3.2% in FY23 to 6.8% in FY24.
Unlocked significant cost savings from utilities & labour optimisation
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- Excluding write-downs, provision for onerous contracts, legal and corporate claims, and merger expenses, Seatrium’s underlying EBITDA would have grown 23% y-o-y at S$771m, while underlying net profit would have come in at S$200m (versus a loss of S$28m in FY23).
Unexpected final dividend of S$0.15
- Read more at SGinvestors.io.
