- 3QFY2022 revenue increased over 130% year-on-year; Gross profit increased nearly 3x year-on-year to S$9.7m
- The vessel charter segment saw a significant increase in average charter rates and a year-over-year increase in average vessel utilization rates.
- Yard revenue was up year-on-year as ship repair business capacity increased following the completion of the expansion work to Drydock 1 at the end of 2QFY2022.
SINGAPORE – Media outreach – August 18, 2022 – Marco Polo Marine Ltd. (SGX: 5LY) ( ” Marco Polo Navy “or the” Company », and with its subsidiaries, « the Band ”), a well-regarded regional integrated marine logistics company, wishes to advise shareholders in this voluntary operational update for the financial quarter ended June 30, 2022 (“ 3QFY2022 ”).
|million singaporean dollars||3Q
FISCAL YEAR 2022
FISCAL YEAR 2022
The Group is pleased to report that it recorded an improvement in its operational performance year-on-year for 3QFY2022. Its shipyards and ship charter segments experienced phenomenal growth and recorded stronger revenue and gross profit. Revenues increased by more than 130% and 70% respectively for 3QFY2022 and 9MFY2022. Gross profit for 3QFY2022 and 9MFY2022 also increased 185.3% and 111.9% year-on-year to S$9.7 million and S$17.8 million, respectively.
Shipyard revenue up in Q3 FY2022 due to an increase in ship repair activity, higher demand from end customers and increased capacity following the completion of the expansion work for Drydock 1 on 2QFY2022. During the quarter, the Group also observed a growth in its market share due to an increase in demand. The Group’s shipyard was operating almost at full capacity with an average utilization rate of 86% at 3QFY2022.
As for the vessel chartering segment, demand for the Group’s vessels remains strong, driven by both the oil and gas sector and offshore wind farms. During the quarter, the Group also recorded an increase in revenues due to (i) a significant increase in average charter rates, (ii) an increase in average vessel utilization rates and (iii) the consolidation of the revenues of PT BBR and PKRO in which the Group holds a 70.7% and 49% interest, respectively.
Marco Polo Marine remains optimistic about its prospects for the coming year, the Group expects a strong end to the year thanks to the growing demand from end customers, both for shipyards and for chartering vessels .
On the shipyard front, the Group continues to benefit from strong demand from its end customers for ship repair, with the Group receiving more ship repair orders in anticipation.
In terms of vessel chartering, the Group continues to benefit from strong momentum and strong demand from end customers. Since the acquisition of the Taiwanese company PKR offshore, the group has consolidated its leadership as one of the main ship service providers supporting the Taiwanese offshore wind farm market. Currently, the Group manages a fleet of third-party vessels, including five of the Group’s thirteen OSVs which are chartered to serve the offshore wind sector in Taiwan.
“Our quarterly financial results continued to demonstrate our ability to effectively manage our business despite a challenging operating environment. It was a positive quarter for the Group, as we fired full steam ahead with strong operational performance recorded in both the shipyard and ship charter segments. It is also the first quarter where we have seen the contributions of our recent acquisitions, which have had a positive impact on the Group’s turnover and results. said Sean Lee, CEO of Marco Polo Marine. ” The offshore wind sector continues to present tremendous opportunities for the Group. Building on our proven experience, the Group seeks to expand both its geographical presence and the services provided to the offshore wind industry. ” he added.
The issuer is solely responsible for the content of this announcement.
About Marco Polo Marine
Listed on the SGX-ST motherboard since 2007, Marco Polo Marine Ltd is a reputable regional integrated marine logistics company primarily engaged in shipping and shipyard operations.
The Group’s maritime business involves the chartering of Offshore Supply Vessels (“OSVs”) for deployment in regional waters, including the Gulf of Thailand, Malaysia, Indonesia and Taiwan, as well as the chartering of tugs and barges to customers including those engaged in the mining, commodities, construction, infrastructure and land reclamation industries.
As part of its charter operations, the Group has diversified its activities beyond the oil and gas industry to include support for the construction of offshore wind farm projects. The booming offshore wind industry in Asia is at a nascent stage where structures are being installed, which presents tremendous opportunities for the Group, whose fleet is able to support the development of these projects.
The Group’s shipyard business involves shipbuilding as well as the provision of ship maintenance, repair, equipment and conversion services, which are carried out through its shipyard located in Batam, Indonesia. Occupying a total area of approximately 34 hectares with a waterfront of approximately 650 meters, the modern shipyard is also home to three dry docks, which have enhanced the Group’s technical capabilities and service offerings to undertake projects involving vessels medium-sized and sophisticated.
For more information, please visit our corporate website: www.marcopolomarine.com.sg