Stolt-Nielsen Limited today announced its unaudited results for the second quarter and first half ending May 31, 2024. The Company reported a second-quarter net profit of $100.2 million on revenue of $741.1 million, a notable increase from the $8.3 million net profit and $721.9 million revenue recorded in the second quarter of 2023, which included a loss provision of $155 million ($115.0 million after tax) related to the MSC Flaminia incident.
For the first six months of 2024, Stolt-Nielsen reported a net profit of $204.1 million with revenue reaching $1,448.5 million. This compares favourably to the first six months of 2023, where a net profit of $108.1 million (net of the MSC Flaminia loss provision) was reported alongside revenue of $1,430.6 million.
Highlights of the second quarter of 2024 include:
- Consolidated EBITDA of $207.9 million, up from $82.5 million in Q2 2023.
- Earnings per share increased to $1.87, up significantly from $0.15.
- Stolt Tankers reported an operating profit of $106.5 million, up from $96.8 million.
- STJS average time-charter equivalent revenue rose to $32,862 per operating day, marking a 6.4 percent increase from $30,880.
- Stolthaven Terminals reported an operating profit of $28.2 million, up from $27.8 million.
- Stolt Tank Containers reported an operating profit of $12.5 million, a strong recovery from the operating loss of $115.3 million in Q2 2023.
- Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $8.2 million, up from $4.4 million.
- Stolt-Nielsen Gas reported an operating loss of $5.2 million, compared to a loss of $2.7 million.
- Corporate and Other reported an operating cost of $14.3 million, contrasting with a gain of $2.0 million due to higher profit-sharing accruals and other non-divisional expenses.
Udo Lange, CEO of Stolt-Nielsen Limited, commented on the results: “I am very pleased with the overall strong performance of the Company, and our ability to deliver on our strategy and initiatives across the board as we aspire to be Simply the Best for our shareholders, customers and people. Stolt Tankers had another strong quarter, buoyed by higher spot freight rates due to the ongoing transit restrictions in the Red Sea, resulting in record high average TCE earnings. Stolthaven Terminals’ solid performance continued, supported by a focus on margin improvement. Stolt Tank Containers saw shipment volumes rise significantly year-on-year, reflecting our growing market share.”
“Stolt Sea Farm also delivered robust performance with increases in revenue and operating profit driven by firming prices for turbot and sole. Looking ahead, we remain focused on sustaining this momentum and capitalising on growth opportunities across our diversified portfolio.”
For more information visit www.stolt-nielsen.com
