Avance Gas (AGAS) Q4 2024 earnings summary

Executive summary

• Q4 2024 net profit was $210 million (EPS $2.74), with adjusted profit of $13 million (EPS $0.18), driven by the $1 billion+ sale of 16 VLGCs to BW LPG and four MGC newbuildings to Exmar.

• Full-year 2024 net profit reached $443 million (EPS $5.78), the highest in company history, with adjusted profit of $125 million.

• The company became BW LPG's second-largest shareholder (12.7%) and is distributing BW shares and cash to shareholders.

• The company is winding up, terminating all employment contracts, and liquidating all assets for shareholder return.

Financial highlights

• Q4 net profit: $210 million; EPS: $2.74; adjusted profit: $13 million; adjusted EPS: $0.18.

• Full-year net profit: $443 million; EPS: $5.78; adjusted profit: $125 million.

• Book gain on vessel sales in 2024: $408 million; Q4 gain: $287 million.

• Cash at year-end: $176 million; total assets: $457 million; equity ratio: 99%.

• 93% of free cash flow ($586 million) paid as dividends in 2024.

Outlook and guidance

• Pro forma net profit for H1 2025 estimated at $63 million, driven by MGC sale and BW share value recovery.

• Final wind-up and delisting expected by May 2025, with remaining cash and assets to be distributed.

• Administrative and winding-up costs estimated at $7 million; minimal working capital retained.

• NAV after distributions expected to be ~$55 million, to be paid after final MGC compensation.