Imperial Petroleum reports Q2 adjusted EPS 73c vs. $1.46 last year

Reports Q2 revenue $47M vs. $59M last year. Fleet operational utilization of 80.9% in Q2 24′- a stable performance when compared to the 80.6% utilization achieved in Q1 24′. In Q2 23′ our operational utilization was lower in the order of 75.4%. CEO Harry Vafias Commented, “In Q2 24 we managed to turn a typically weak seasonal period to our second most profitable quarter thus far, as we generated a net profit of $19.5 million. Our excellent performance was mostly leveraged by our product tankers that were strategically situated West of Suez where market for these vessels remained tight. We enjoy recurring profitable quarters a very strong cash base which currently stands close to $190 million and as we repeatedly stress, zero leverage. This gives us plenty of flexibility to grow further. We remain significantly undervalued as our market capitalization is even lower than our cash but are confident that gradually we will see an appreciation to our share price, driven by our recurring strong results.”