Philly Shipyard ASA ( (AKRRF) ) has released its Q4 earnings. Here is a breakdown of the information Philly Shipyard ASA presented to its investors.
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Philly Shipyard ASA, a company primarily involved in shipbuilding, has recently undergone significant changes with the sale of its sole operating subsidiary, Philly Shipyard, Inc. The company is domiciled in Norway and was known for its expertise in constructing advanced vessels.
In the latest earnings report for Q4 and the full year of 2024, Philly Shipyard ASA highlighted the successful sale of its subsidiary to Hanwha, marking a pivotal transformation for the company. This transaction has significantly impacted its financials, leading to a notable increase in net income despite the cessation of its operations.
Key financial metrics for 2024 include a net income after tax of USD 90.6 million, a remarkable turnaround from a net loss of USD 67.9 million in 2023. This improvement was driven by a gain of USD 233.0 million from the sale of the subsidiary, offsetting losses from discontinued operations. The company ended the year with USD 88.0 million in cash and cash equivalents, an increase from the previous year, and a total equity increase to USD 96.5 million.
Looking forward, the company’s board has proposed a dividend payment of USD 6.08 per share and initiated dissolution proceedings, with an extraordinary general meeting scheduled to approve these actions. This marks the final chapter for Philly Shipyard ASA as it winds down its operations following the strategic divestment of its core asset.
The management’s outlook suggests a focus on shareholder returns through the distribution of proceeds from the sale, reflecting a closing chapter for the company’s operations while ensuring value realization for its investors.
