Yangzijiang Shipbuilding profit soars 61.7% to $1.22b in FY2024
Revenue also rose 10.1% YoY.
Yangzijiang Shipbuilding (Holdings) Ltd., a Straits Times Index component company, reported a 61.7% year-on-year (yoy) increase in profit to $1.22b (RMB6.6b) for the financial year ended 31 December 2024 (FY2024).
The group's revenue also rose 10.1% YoY to $4.89b (RMB26.5b), driven by growth in shipbuilding and shipping.
Shipbuilding revenue, which made up 95% of total earnings, climbed 10.7% YoY to $4.64b ($25.2b), supported by higher newbuild prices and steady vessel construction.
Additionally, shipping revenue rose 21.6% YoY to $221m ($1.2b), boosted by improved charter rates and fleet expansion. The Group secured 6-36 month charter contracts for 60% of its fleet in 1H2024, improving revenue stability.
The company delivered 64 vessels in FY2024, surpassing its target of 63, with three added to its own fleet. Contributions from joint ventures and associated companies more than doubled to $103m (RMB559m), led by Yangzi-Mitsui Shipbuilding Co. Ltd (YAMIC), which delivered 14 vessels, up from 11 the previous year.
As of 31 December 2024, Yangzijiang’s orderbook stood at $32.6b ($24.4b) for 245 vessels, with deliveries extending through 2030. Eco-friendly vessels made up 74% of total order value, up from 54% in FY2023.
The company has proposed a final dividend of 12 Singapore cents per share, an 84.6% increase, bringing the dividend payout ratio to 38.6% and yield to 4%.
