Atlantic Navigation profit soars 99.3% YoY in 9M 2024

The group’s revenue also grew to $108.9m.

Atlantic Navigation Holdings Limited’s net profit after tax ballooned by 99.3% year-on-year (YoY) to $40.7m (US$30.5m) during the nine months ended 2024 (9M 2024), according to the company’s unaudited financial report.

This included the $9.07m (US$6.8m) reversal of impairment to property, vessel and equipment, and the gain on disposal of joint operation of $1.2m (US$0.9m)

The group’s revenue also grew to $108.9m (US$81.6m), a 22.6% YoY increase.

It was driven by the elevated utilisation rate of its owned fleet, the addition of new vessels, and a general increase in daily charter rates.

Earnings per share stood at $0.8 (US$0.06) for the period, a 99.35 increase compared to 9M 2023’s $0.04 (US$0.03) per share.

($1=US$0.75)