Atlantic Navigation Holdings (Singapore) Ltd. (SG:5UL) has released an update.
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Atlantic Navigation Holdings (Singapore) Ltd. experienced substantial financial growth in the first quarter of 2024, reporting a 46.9% increase in revenue to US$26.1 million and a significant 40.5% rise in net profit after tax to US$6.8 million, compared to the same period last year. This was largely due to an improved fleet utilization rate of 94.3%, expansion with two additional vessels, and higher daily charter rates. Despite a slight drop in profit margins, the company’s earnings per share also saw a 40.5% increase.
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