MARCO Polo Marine : 5LY 0% on Monday (May 13) posted a 159.4 per cent rise in net profit for the first half of FY2024 to S$11 million from S$4.2 million in the same period last year.

The improvement was largely due to strong performance from the group’s ship chartering segment on higher charter rates compared with H1 2023.

The results translate to earnings per share (EPS) of 0.29 Singapore cent, against an EPS of 0.12 cent in the same period last year.

Revenue, meanwhile, was up 10 per cent to S$61.6 million from S$55.9 million in the same period a year ago.

The group’s ship chartering operations recorded a revenue jump of 34.3 per cent to S$32.9 million from S$24.5 million. It achieved higher charter rates for its fleet of offshore supply vessels.

Marco Polo Marine also benefitted from chartering third-party offshore supply vessels as a result of its asset-light approach. These vessels were rechartered at higher rates by the group for various short-term offshore projects.

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However, its shipbuilding and repair operations registered an 8.6 per cent drop in revenue to S$28.7 million as ship repair volume fell, partially offset by higher shipbuilding-related activities.

Shares of Marco Polo Marine were trading 1.4 per cent or S$0.001 higher at S$0.071 as at 9.34 am on Monday.