Marco Polo Marine H2 net profits surged nearly 77%

Growth was driven by its ship chartering and shipyard segments.

Marine logistics company Marco Polo Marine reported a net profit surge of 76.7% year-on-year (YoY) to $19.9m driven by higher revenues from both its Ship Chartering and Shipyard segments, as well as a strong expansion in gross profit margins.

The group’s EBITDA rose 55.8% YoY to $28.2m in H2 FY2023, compared to $18.1m in H2 FY2022. The group’s adjusted net profit to owners jumped 47.4% YoY to $17.1m, compared to $11.6m a year ago.

For FY2023, the group’s EBITDA grew by 78.9% YoY to $43.3m on the back of a 47.6% jump in revenue. Consequently, the group’s adjusted net profit to owners also increased to $25.2m in FY2023, compared to $13.8m in FY2022.

“FY2023 has been a year of significant growth for Marco Polo Marine. These achievements underscore our effective expansion and collaborative efforts in the offshore marine industry, and we are also particularly excited about the progress we have made in the offshore wind farm sector,” said Sean Lee, CEO of Marco Polo Marine.

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