Financial Performance - Revenue for the year ended December 31, 2024, increased to $282.136 million, up from $259.034 million in 2023, representing a growth of approximately 8.1%[5] - Gross profit for the year was $64.376 million, compared to $40.103 million in 2023, reflecting a significant increase of 60.4%[5] - Operating profit surged to $90.103 million, a substantial rise from $28.775 million in the previous year, marking an increase of 213.5%[5] - Net profit for the year reached $74.785 million, compared to $22.018 million in 2023, indicating an increase of 238.5%[5] - Basic earnings per share for the year were $0.141, up from $0.045 in 2023, representing a growth of 213.3%[5] - The company reported a total comprehensive income of $74.613 million for the year, compared to $22.010 million in 2023, reflecting an increase of 238.5%[6] - The company reported a profit before tax of $77,422,000 for the year ended December 31, 2024, up from $22,379,000 in 2023, representing a significant increase of 245.5%[17] - Net profit attributable to shareholders surged by 231.6%, increasing to approximately $70.3 million from $21.2 million in 2023[39] Assets and Liabilities - Total assets as of December 31, 2024, amounted to $598.896 million, an increase from $492.057 million in 2023, reflecting a growth of 21.6%[7] - Total equity attributable to shareholders increased to $225.600 million from $172.332 million in 2023, representing a growth of 30.9%[8] - Non-current liabilities rose to $283.299 million, compared to $245.990 million in 2023, indicating an increase of 15.2%[8] - Total borrowings increased from approximately $215.9 million as of December 31, 2023, to about $268.8 million as of December 31, 2024[82] - Total liabilities increased from approximately $318.3 million to about $367.5 million[86] - The net debt-to-equity ratio improved from approximately 150.5% to about 110.8% due to an increase in cash and cash equivalents[86] Cash Flow and Liquidity - Cash and cash equivalents increased significantly to $65.822 million from $27.996 million in 2023, marking a growth of 135.0%[7] - The company's cash and cash equivalents rose from approximately $28.0 million to about $65.8 million, reflecting a significant increase[88] - The current ratio improved from 1.0 to 1.3, indicating better short-term financial health[88] Fleet and Operations - The company received 2 new ships and invested in 5 additional vessels, adding a total capacity of 268,574 dwt during the year[42] - The company plans to launch 5 new bulk carriers, 3 new chemical tankers, and 2 crew transport vessels in 2025, which will add an additional capacity of 662,651 dwt[42] - The company controls 20 vessels and has invested in 6 joint venture vessels, with a total capacity of 1.23 million dwt, a 14.6% decrease from 1.41 million dwt as of December 31, 2023[46] - The average age of the fleet has decreased from 7.0 years in 2023 to 6.0 years in 2024, reflecting the company's efforts to optimize fleet structure in response to environmental policies[46] - Approximately 120 charter agreements were established during the year, with a combined capacity of about 0.58 million dwt, enhancing operational flexibility[49] Revenue Segmentation - The shipping business generated $205,340,000 in revenue, while the ship management business contributed $76,796,000 for the year ended December 31, 2024[21] - Revenue from the ship management services segment increased by 50.4% year-on-year to $76.8 million, up from $51.1 million in 2023[60] - Revenue from shipping services decreased by approximately $2.6 million or 1.3% to about $205.3 million, primarily due to a reduction in chartered vessels[72] Strategic Initiatives - The company plans to establish new offices in Houston and Dubai by 2025 to enhance service efficiency and market share[43] - The company aims to achieve carbon neutrality with specific targets, including a 40% reduction in carbon intensity by 2030 and a 70% reduction by 2050, in line with international regulations[53] - The company has established a comprehensive shipping management system utilizing big data and AI, enhancing operational efficiency and decision-making capabilities[52] - The company is actively pursuing digital technology and advanced information systems to streamline operations and reduce financial costs[44] Corporate Governance and Compliance - The company has adopted the corporate governance code as the basis for its governance practices and has complied with all applicable code provisions during the year, except for the separation of the roles of Chairman and CEO[105] - The audit committee has reviewed the group's financial controls, risk management, and internal control systems during the year[108] - The company's auditor, PwC, confirmed that the figures in the annual performance announcement are consistent with the audited consolidated financial statements for the year[109] Shareholder Information - The annual general meeting for shareholders is scheduled for June 26, 2025[110] - The company will suspend the registration of share transfers from June 23 to June 26, 2025, to determine eligible shareholders for the annual general meeting[111] - The annual report containing all required information will be made available to shareholders and published on the stock exchange and the company's website[112]
洲际船务(02409) - 2024 - 年度业绩