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Marco Polo sees revenue more than double; gross profit jumps nearly 3x y-o-y in 3QFY2022

·2-min read

The company says it has seen improved performance across all its segments.

Marine logistics group Marco Polo Marine has seen a surge in both revenue and gross profit in its 3QFY2022 ended June 30.

In a voluntary business update, the company said its revenue increased more than 130% to hit $28.5 million for 3QFY2022, while gross profit increased 185.3% y-o-y to $9.7 million.

Marco Polo says both its shipyard and ship chartering segments experienced tremendous growth and recorded a stronger revenue and gross profit.

Shipyard revenue rose  as a result of higher ship repair activities, stronger demand from end customers and an increase in capacity following the completion of extension works on its dry dock 1 in 2QFY2022.

During the quarter, the company also observed a growth in market share, due to an increase in demand. Its shipyard was operating near full capacity at an average utilisation rate of 86% in 3QFY2022.

As for Marco Polo’s  ship chartering segment, demand for its vessels remains strong, driven by both the oil and gas and offshore windfarm sector.

The company says it saw an increase in revenue due to a significant increase in average charter rates, average utilisation rates for vessels and the consolidation of revenue from associates PT BBR and PKRO.

Moving forward, Marco Polo says it remains optimistic about its prospects in the year ahead, saying it expects a “strong finish” to the year, forecasting rising demand from end customers for both the shipyard and ship chartering segments.

On the shipyard front, Marco Polo reveals that it continues to see robust demand from its end customers for ship repairs, also receiving more ship repair orders in advance.

As for the ship chartering segment, the company says it “continued to see strong momentum and demand from end customers.”

Shares of Marco Polo closed at 3.1 cent on Aug 18, 0.1 cent higher or up 3.33% compared to its previous close.

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