Financial Performance - Revenue for the six months ended June 30, 2024, was $137,778,000, an increase of 15.6% compared to $119,171,000 for the same period in 2023[2] - Gross profit for the same period was $37,835,000, significantly up from $16,636,000, reflecting a gross margin improvement[2] - Operating profit increased to $41,122,000 from $14,678,000, indicating a strong operational performance[2] - Net profit for the period was $32,556,000, compared to $10,859,000 in the previous year, representing a year-over-year growth of 200.5%[2] - Basic and diluted earnings per share for the period were both $0.061, up from $0.025 in the prior year[3] - The company reported a net profit attributable to shareholders of $30,721,000 for the six months ended June 30, 2024, compared to $11,028,000 for the same period in 2023, representing an increase of 178%[20] - Adjusted net profit for the period rose by 156.5% year-on-year, from approximately $12.7 million in the first half of 2023 to approximately $32.6 million in the first half of 2024[29] - Earnings before interest and taxes (EBIT) for the period was $41.8 million, up from $16.0 million in the first half of 2023[30] - The group recorded a profit of approximately $32.6 million for the period, an increase of about $21.7 million or 199.1% compared to $10.9 million for the six months ended June 30, 2023[63] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $589,710,000, an increase from $492,057,000 at the end of 2023[5] - Total liabilities increased to $400,350,000 from $318,327,000, reflecting a rise in borrowings and lease liabilities[5] - The company's total assets increased by 19.8% to approximately $589.7 million as of June 30, 2024, compared to $492.1 million at the end of 2023[43] - The total liabilities rose to approximately $400.4 million as of June 30, 2024, up from about $318.3 million as of December 31, 2023, indicating an increase of approximately 25.8%[69] - As of June 30, 2024, the group's total borrowings and lease liabilities amounted to approximately $323.0 million, up from $282.5 million as of December 31, 2023[65] - The net debt-to-equity ratio remained relatively stable at approximately 150.2% as of June 30, 2024, compared to 150.5% as of December 31, 2023[69] Cash Flow and Liquidity - Cash and cash equivalents rose to $44,090,000 from $27,996,000, indicating improved liquidity[4] - The current ratio slightly increased from 1.01 as of December 31, 2023, to 1.02 as of June 30, 2024, indicating improved liquidity[71] - The lease liabilities decreased from approximately $66.6 million as of December 31, 2023, to about $48.9 million as of June 30, 2024, a reduction of approximately 26.6%[68] Fleet and Operations - The controlled fleet consists of 30 vessels with a total capacity of 1.45 million dwt, a 9.8% increase from 1.32 million dwt as of June 30, 2023[34] - The company has 20 new vessels under construction, including 13 chemical tankers/oil tankers and 7 bulk carriers, expected to add a total capacity of 353,100 dwt[36] - The average age of the fleet decreased from 7.3 years to 7.0 years year-on-year[34] - The company has diversified its fleet with various types of vessels, including Capesize, Panamax, and Supramax bulk carriers, to better respond to market changes[32] - The company signed over 55 charter agreements during the period, adding approximately 0.25 million dwt to its fleet capacity[36] - The company aims to achieve carbon neutrality by gradually replacing older vessels with new, lower-emission ships[32] Revenue Segmentation - Total revenue for the shipping business was $104,846,000, and for the ship management business was $32,932,000, resulting in a total of $137,778,000 for the six months ended June 30, 2024[12] - Revenue from the shipping services segment increased by 8.3% to $104.8 million in the first half of 2024, compared to $96.8 million in the same period of 2023[47] - Revenue from ship management services surged by approximately $10.5 million or 47.2% to about $32.9 million, mainly due to an increase in the number of managed vessels under a higher fee structure[55] - The ship management services segment's revenue increased by 47.2% year-on-year to $32.9 million, driven by an increase in managed vessels[45] Gains and Losses - The company incurred a net foreign exchange loss of $2,591,000 for the six months ended June 30, 2024, compared to a loss of $403,000 in the same period of 2023[17] - The company recognized a gain of $16,009,000 from the sale of properties, plants, and equipment for the six months ended June 30, 2024[17] - The company completed the sale of 3 vessels, generating a net gain of approximately $16.0 million from these transactions[31] Corporate Governance and Future Plans - The board did not recommend the distribution of an interim dividend for the period[75] - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[81] - The company has adopted the corporate governance code as a basis for its governance practices and has complied with all applicable code provisions during the reporting period[81] - The company plans to reduce carbon intensity by 40% by 2030 and achieve carbon neutrality by 2050, in line with international regulations[40] - The group plans to expand its fleet by adding 26 vessels from the second half of 2024 to 2027, which is expected to increase total capacity by an additional 940,000 dwt[1] Use of Proceeds - The net proceeds from the global offering amount to approximately HKD 333.8 million after deducting underwriting fees and related expenses[77] - 57% of the net proceeds, approximately HKD 190.3 million, will be used to expand and optimize the company's fleet through the establishment of 20 to 25 charter agreements[77] - 10% of the net proceeds, approximately HKD 33.4 million, is allocated for setting up new offices in strategic locations such as Shanghai, Greece, the Philippines, and Japan to enhance ship management capabilities[77] - 3% of the net proceeds, approximately HKD 10.0 million, will be invested in digital technology and advanced information technology implementation by the end of 2024[77] - 10% of the net proceeds, approximately HKD 33.4 million, is designated for general working capital and other corporate purposes[77] - The total allocation of the net proceeds is 100%, with approximately HKD 329.9 million earmarked for specific uses[77]
洲际船务(02409) - 2024 - 中期业绩