Seatrium back in the black with S$120.9 million H2 profit, proposes S$0.015 dividend per share

SEATRIUM swung into the black with a net profit of S$120.9 million for the second half ended Dec 31, from a net loss of S$1.8 billion in the same period a year earlier.

This was attributed to higher contributions from revenue recognition, fair value gain on investments, as well as share of profit from associates, the offshore and marine specialist said in a regulatory filing on Friday (Feb 21).

Earnings per share (EPS) for the period stood at S$0.0356, compared with a loss per share (LPS) of S$0.5137 in the year-ago period.

With the completion of the share consolidation of every 20 existing shares into one consolidated share on May 9 last year, prior year comparatives for EPS were restated accordingly.

With the group’s return to profitability, Seatrium has proposed a final dividend of S$0.015 per share. It will be paid on May 19, after the record date of May 7.

Revenue for the half year rose 18.4 per cent to S$5.2 billion from S$4.4 billion. This was attributed to the strong execution and achievement of production milestones for projects, as well as increased repair and upgrade activities.

For financial year 2024, the group recorded a net profit of S$156.8 million, from a loss of S$2 billion for FY2023. This also marked Seatrium’s first full-year profit since 2017.

EPS stood at S$0.0461, compared with an LPS of S$0.6477 in the prior year.

Revenue for the year rose 26.6 per cent to S$9.2 billion from S$7.3 billion.

Shares of Seatrium closed 2 per cent or S$0.05 lower at S$2.50 on Thursday.