Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year 2023
01 Februar 2024 - 8:20AM
Stolt-Nielsen Limited Reports Unaudited Results For the Fourth
Quarter and Full Year 2023
Another strong year as positive momentum
continues
LONDON, February 1, 2024 –
Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported
unaudited results for the fourth quarter and full year ending
November 30, 2023. The Company reported a fourth-quarter net profit
of $98.4 million with revenue of $695.2 million, compared with a
net profit of $95.3 million, with revenue of $732.5 million, in the
fourth quarter of 2022. The net profit for the full year 2023 was
$296.7 million, with revenue of $2,820.2 million, compared with a
net profit of $280.9 million, with revenue of $2,771.8 million, in
2022.
Highlights for the fourth quarter of 2023,
compared with the fourth quarter of 2022,
were:
- Stolt-Nielsen Limited (SNL) consolidated
EBITDA1 of $208.4 million, up from $197.8
million.
- Earnings per share in the fourth quarter was $1.84, up
from $1.78, with the full-year number at $5.54, up from $5.25 in
2022.
- Stolt Tankers reported operating profit of $99.8
million, up from $78.2 million.
- The STJS average sailed-in revenue for the quarter was
$30,144 per operating day, up 11.0% from $27,162.
- Stolthaven Terminals reported operating profit of $26.0
million, up from $20.8 million.
- Stolt Tank Containers reported operating profit of
$14.2 million, down from $44.9
million.
- Stolt Sea Farm reported an operating profit before fair
value adjustment of biomass of $4.2 million, up from $3.2
million.
- Stolt-Nielsen Gas reported an operating loss of $0.9
million, compared to a loss of $2.9 million.
- Corporate and Other reported an operating loss of $11.6
million compared to a loss of $10.4
million.
Udo Lange, Chief Executive Officer of
Stolt-Nielsen Limited, commented: “In a very challenging
year, our team has performed exceptionally to deliver great value
for our customers and shareholders. The fourth quarter produced
another strong set of results, culminating in another strong year
for our company. During the year Stolt Tankers experienced
particularly robust market conditions. Following a fall in spot
rates during the third quarter, the firming trend resumed as we
headed into the contract renewal season. At Stolthaven Terminals
continued high utilisation supported an increase in storage and
throughput rates and ancillary charges, resulting in Stolthaven’s
best year to date. At Stolt Tank Containers volumes continued to
increase, however, during the fourth quarter the predicted
reduction in margins and demurrage revenue impacted results. Stolt
Sea Farm’s strong operating performance for the full year concluded
with another excellent quarter, which saw rising sales volume and
firm prices for both turbot and sole.
“During the quarter Stolt Tankers announced a
newbuilding order for six stainless-steel fuel-efficient ships from
Wuhu Shipyard in China, with estimated delivery from 2026 onwards.
This is our first newbuilding order since taking delivery of five
ships in 2018 as we have been purchasing secondhand ships in the
market. Yard capacity remains very tight, and we are pleased that
we secured these newbuildings with a favourable delivery window
that means they will be delivered in time for the retirement of
older tonnage.”
1 Before fair value of biological assets, gain (loss) on sales
of assets and other one-time, non-cash items.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- Interim Accounts 4th Qtr 2023 Final
- SNL - 4Q23 Earnings Release Final
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