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Gulf Marine Services PLC on Wednesday reported higher revenue and earnings before interest, taxes, depreciation, and amortisation for 2024, though net profit declined and the company did not declare dividend for the year. The Abu Dhabi-based provider of self-propelled and self-elevating support vessels for the offshore energy sector posted revenue of $167.5 million, up 10% from $151.6 million in 2023. Ebitda rose 15% to $100.4 million from $87.5 million. Despite the top-line growth, pretax profit dipped slightly to $43.2 million from $44.9 million, reflecting a smaller reversal of impairments and higher tax charges. This was primarily due to a smaller net reversal of impairments, which dropped to $9.2 million from $33.4 million a year earlier. Additionally, tax expenses increased to $4.9 million from $2.9 million, further weighing on the bottom line. Net profit fell 9% to $38.3 million from $42.1 million a year before. Gulf Marine Services did not declare a dividend for 2024, unchanged from 2023. It reiterated a future dividend policy targeting payouts of 20% to 30% of adjusted net profit, conditional on debt covenants and capital needs being met. The company said its leverage profile improved significantly, with the net bank debt falling 25% to $201.2 million and the net leverage ratio tightening to 2.0x from 3.05x. GMS also completed a refinancing of a $300 million facility on improved terms in December. Operationally, average fleet utilisation was 92%, down slightly from 94% in 2023, while average day rates climbed 9% to $33,100. Looking ahead, GMS forecasts adjusted Ebitda in 2025 to range between $100 million and $108 million, supported by a secured utilisation rate of 96% and a 6% increase in average secured day rates over 2024 levels. Shares in Gulf Marine Services were down 2.3% at 15.58 pence in London on Wednesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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