Avance Gas Holding ( (AVACF) ) has released its Q1 earnings. Here is a breakdown of the information Avance Gas Holding presented to its investors.
Avance Gas Holding Ltd, a company engaged in the transportation of Liquefied Petroleum Gas (LPG), has announced its financial results for the first quarter of 2025, amidst its ongoing liquidation process.
In the first quarter of 2025, Avance Gas reported a net profit of $42.6 million, a significant decrease from the $210.2 million recorded in the previous quarter. The company completed the sale of its four Mid-Sized Gas Carriers (MGCs) to Exmar LPG B.V., resulting in a gain of $34.2 million. Additionally, the company distributed $435.6 million to shareholders, including a return of capital and dividends.
Key financial metrics for the quarter included operating revenue of $114 thousand and a net cash flow from investing activities of $55.8 million, primarily from the MGC sale. The company’s total assets decreased to $61.3 million, and total liabilities were reduced to $654 thousand. Avance Gas also announced a final extraordinary distribution of $0.74 per share, set for May 7, 2025.
As Avance Gas has sold all its assets and does not plan to make new investments, the company is proceeding with a voluntary liquidation. A Special General Meeting is scheduled for May 16, 2025, to finalize the delisting process from the Oslo Stock Exchange, expected to occur by June or July 2025.
Looking forward, Avance Gas management remains focused on completing the wind-up process efficiently, ensuring all remaining obligations are settled, and returning any residual funds to shareholders.