Singapore Shipping Corporation (SSC) S19 0.00% reported a 7.7% increase in earnings to US$4.5 million ($6.1 million) for its 1HFY2024 ended Sept 30.

 

Earnings per share for the period stood at 1.11 US cents, up over 1.06 US cents in 1HFY2023.

 

The earnings growth came about despite a decrease in revenue, which slipped 1.4% to US$22.9 million in 1HFY2024.

 

For the period, SSC&rsquo s ship owning segment recorded lower revenue and profit, mainly attributable to off-hire as a result of drydocking, as did its agency and logistics segment. This was partially offset by the latter reporting lower operating profits in the absence of high margin special projects.

 

However, SSC reported an almost five-fold increase in finance and investment income, which quintupled to US$1.4 million in 1HFY2024 from US$281,000 for the same period last year. The larger figure was the result of higher interest income from funds placed in time deposits with banks. 

 

SSC&rsquo s cash and cash equivalents stood at US$5.8 million as at Sept 30, decreasing from US$59.3 million at the start of 1HFY2024, due to US$55.8 million that was used in investing activities

 

In its outlook, the group says it continues to cautiously evaluate investment opportunities. SSC notes that it has no gearing net of cash.

Between Jan 12 and 25, Singapore Shipping Corporation : S19 0% executive chairman Ow Chio Kiat acquired 75,800 shares at an average price of S$0.25 per share, and consideration of S$18,746.

 

He maintains a 42.65 per cent total interest in the company.

 

With a career spanning 60 years, Ow also serves as the executive chairman of Stamford Land Corporation. He has gradually increased his total interest from 36.90 per cent in June 2014.

Between Jan 9 and 11, Singapore Shipping Corporation executive chairman Ow Chio Kiat acquired 40,000 shares at S$0.25 per share. With a consideration of S$9,925, this increased Ow&rsquo s total stake in the company from 42.62 per cent to 42.63 per cent. With a career spanning 60 years, Ow also serves as the executive chairman of Stamford Land Corporation. Singapore Shipping Corporation is a spin-off from Stamford Land Corporation (formerly known as Hai Sun Hup Group) when the latter de-merged its shipping and logistics businesses in 2000 to concentrate on its hotel and property businesses.

 

On Nov 10, Singapore Shipping Corporation reported its revenue for the first half of FY23 (ended Sep 30) decreased 0.1 per cent from H1 FY22, to US$23.2 million. The group noted it had continued to record stable results in both its ship owning and agency and logistics segments, and continues to evaluate acquisition opportunities, highlighting that net of cash, Singapore Shipping Corporation maintains no gearing.

Singapore Shipping Corp (SSC) reported a 10.2% growth in earnings for the six months ended March 31 to US$4.45 million ($6.1 million) from US$4 million in the same period last year.

 

This brings FY2022 earnings to US$9.8 million, down 4.3% y-o-y.

 

SSC&rsquo s revenue for its ship owning business declined 5% to US$15 million in 2HFY2022. This is attributed to off-hire, or dry docking which refers to ships being removed from the water for repairs.

 

Meanwhile, its agency and logistics business revenue grew 39.5% to US$7.47 million due to an improvement in business volume.

 

Results from operating activities grew 9.7% to US$5 million for 2HFY2022.

 

SSC continues to cautiously evaluate its investment opportunities. This includes ship owning of newbuilds the value of which had escalated but without corresponding increase in yields, it said in its results filing.