Contributions from container segment are lower and the outlook of the container shipping industry remains challenging, says the group
SAMUDERA Shipping posted a 68.7 per cent drop in net profit to US$20.9 million for its first half ended Jun 30, from US$66.7 million in the corresponding year-ago period.
Revenue sank 27.1 per cent to US$223 million, the company said on Monday (Jul 29).
Container volume in H1 stood at 879,000 20-foot equivalent units (TEU), down from 901,000 TEUs in the first half of 2023.
Contributions from the container segment were lower and the outlook of the container shipping industry remained challenging, the mainboard-listed company said.
“Amid continued port congestion and disruptions to vessel schedules in the region… liners continued to bypass the conflict in the Red Sea,” Samudera Shipping said.
The group’s fleet size for its bulk and tanker segment increased from six units in H1 2023 to eight units in H1 2024, following the delivery of two new gas carriers.
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Revenue from the group’s logistics segment rose 8.8 per cent to US$7.8 million from US$7.2 million a year ago, following an increase in third- and fourth-party logistics business activity from existing and new clients in Indonesia, the group said.
Earnings per share stood at 3.88 US cents, down from 12.39 US cents in the year-ago period.
The group declared a dividend of 1 Singapore cent, which will be paid out on Aug 21.
“Amid prevailing challenges, the group will maintain its prudent approach in managing its operations and investments, while leveraging its nimble fleet management strategy to optimise cost and operational efficiency, to ensure that it remains competitive,” Samudera Shipping said.
The company’s shares closed at S$0.995 on Monday, down S$0.005 or 0.5 per cent.
