ES Group to post net profit for 2024

The group’s ES Jewel vessel was in full operation during the year.

ES Group Holdings Limited reported that it expects a net profit for the financial year 2024 (FY 2024), recovering from a net loss in FY 2023, based on the group’s preliminary data.

In its review of unaudited financial results, the company said the profit growth is attributed to a one-off other income from insurance claims for the breakdown of the group’s ES Jewel vessel.

During the period, ES Jewel was in full operation, and with the absence of the repair and maintenance expenses, the group’s shipping segment generated higher revenue and recorded a gross profit.

Additionally, the group’s new building and repair segment had an improved gross profit and its shipping segment recorded a gross profit over a gross loss for FY2023.