LONDON, July 11, 2024 - Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported 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 with revenue of $741.1 million, compared with a net profit of $8.3 million with revenue of $721.9 million in the second quarter of 2023 when the Company recorded a loss provision of $155 million ($115.0 million after tax) related to the MSC Flaminia loss provision. The net profit for the first six months of 2024 was $204.1 million with revenue of $1,448.5 million, compared with a net profit of $108.1 million (net of the MSC Flaminia loss provision of $115.0 million after tax), with revenue of $1,430.6 million, in the first six months of 2023.
Highlights for the second quarter of 2024, compared with the second quarter of 2023, were:
- Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $207.9 million, up from
$82.5 million. - Earnings per share increased to $1.87, up from $0.15.
- Stolt Tankers reported operating profit of $106.5 million, up from $96.8 million.
- The STJS average time-charter equivalent (TCE) revenue was $32,862 per operating day, up 6.4% from $30,880.
- Stolthaven Terminals reported operating profit of $28.2 million, up from $27.8 million.
- Stolt Tank Containers reported operating profit of $12.5 million, up from an operating loss of $115.3 million following the impact of the MSC Flaminia $155 million loss provision recorded in the second quarter of 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 compared to a gain of
$2.0 million reflecting higher profit-sharing accruals and other non-divisional expenses.
1 Before fair value of biological assets, gain (loss) on sales of assets and other one-time, non-cash items.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
