Seatrium's FY2024 earnings of $157 million marks first full-year profitability since 2017

Seatrium has returned to full-year profitability for the first time since 2017. To mark the occasion, the company plans to pay a dividend of 1.5 cents per share.

For the year ended Dec 31, 2024, the company recorded earnings of $157 million, versus a net loss of $2 billion in the preceding FY2023.

Underlying net profit was $200 million, versus underlying net loss of $28 million in FY2023.

Driven by strong project execution and so on, FY2024 revenue was up 27% to $9.2 billion, up 27% y-o-y.

In FY2024, the company won new orders of some $15.2 billion, bringing its order book to $23.2 billion, up 43%.

"We are heartened to have turned the corner," says CEO Chris Ong.

See also: Hongkong Land reports wider losses for FY2024, non-cash provisions from Chinese build-to-sell business impacts profit

"We will continue to work towards building a profitable and resilient business to deliver sustainable value to all our stakeholders.”

Seatrium shares closed at $2.50 on Feb 20, down 1.96% for the day but up 25% in the past 12 months.