Singapore Shipping’s net income jumps 71.9% YoY to US$7.77m

Improved revenue drove net income higher.

Singapore Shipping Corporation Limited's net income rose 71.9% YoY to US$7.77m in 6M 2024.

The company attributed the improvement to increased interest earnings and revenue growth.

Revenue increased 10.6% to US$25.3m due to higher profits from the agency and logistics segment.

Its foreign exchange gains also swelled to US$2.14m from a US$1.11m loss in 6M2023, driven by the appreciation of Singapore dollar deposits against the US dollar.

No interim dividend was declared for the current reporting period.

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