Gross profit stood at US$13.1 million for 3QFY2024, up by 63.3% y-o-y, while gross profit margin came in at 46.2%.

Atlantic Navigation Holdings reported net profit after tax (NPAT) of US$8.9 million ($11.9 million) for the 3QFY2024 ended September, up 84.8% y-o-y. 

For 9MFY2024, net profit for the group stood at US$30.5 million, up from US$15.3 million in 9MFY2023.  Earnings per share stood at 5.82 US cents, up from 2.92 US cents in the same period last year. 

Revenue for 3QFY2024 saw a 23.4% y-o-y increase to US$28.4 million due to an elevated utilisation rate of the group’s owned fleet of vessels at 92.4% for the period. In addition, revenue growth was new vessels in fleet, general increase in daily charter rates as well as contributions from cross charters, says the group. 

 Gross profit stood at US$13.1 million for 3QFY2024, up by 63.3% y-o-y, while gross profit margin came in at 46.2%. 

As at Sept 30, the group’s net assets came in at US$130.2 million, while net asset value (NAV) per share increased to 24.86 US cents from 23.17 US cents as at June 30. 

That said, the group’s NAV per share does not take into account its proposed disposal of 20 vessels from its fleet, which was expected to enhance the NAV per share to 28.65 US cents, according to a Sept 13 announcement. 

Bill Wong, executive director and CEO, says: “As the Group evolves to being in the interim a predominantly a ship manager including the management of the fleet of 20 vessels sold to MAG Offshore in relation to their existing respective charter party contracts, we will continue to leverage on our strengths as a reputable ship operator with an entrenched position in the Middle East to secure new contracts with potential acquisition of strategic assets and utilisation of assets from 3rd party owners. In this regard, we remain vigilant to evolving opportunities while mitigating our exposure to any adverse changes to the macro-economic environment including the potential slowdown in the global economy as well as the heightened uncertainties arising from the conflict in the Middle East.” 

Shares in Atlantic Navigation closed 3 cents higher, or up 8.82%, at 37 cents on Nov 11.