Summary by Moomoo AI
TORM plc, a leading transporter of refined petroleum products, reported a robust financial performance for the fiscal year ended December 31, 2023. The company's revenue increased to $1,520.4 million, up from $1,443.4 million in the previous year. This growth was primarily driven by a strong product tanker market with higher freight rates. Time Charter Equivalent (TCE) earnings for the Tanker segment rose to $1,083.8 million, a 9% increase compared to 2022, supported by trade recalibration due to sanctions against Russian product exports. Adjusted Gross Profit also saw a significant rise to $874.1 million, compared to $781.8 million in the prior year, mainly due to higher freight rates and a decrease in port expenses, bunkers, and commissions. EBITDA improved to $847.9 million, up from $743.1 million, with operating profit reaching $698.6 million...Show More