StandardCoin (SCOIN) Q2 2024 earnings summary

Executive summary

• Reported Q2 2024 net profit of USD 13.2m, driven by a USD 12.8m net gain from the sale of the last vessel, Standard Supplier, in April 2024.

• EBITDA for Q2 2024 was USD -0.3m, reflecting the absence of operating vessels post-sale.

• As of June 30, 2024, the group owns no vessels and holds cash of USD 43.5m.

• Board proposes an extraordinary distribution of NOK 1.00 per share, pending EGM approval.

Financial highlights

• Q2 2024 operating revenues were USD 12.8m, almost entirely from the vessel sale; Q2 2023 was USD 12.5m.

• Ship operating expenses dropped to USD 0.1m in Q2 2024 from USD 6.2m in Q2 2023 due to fleet reduction.

• Net financial items in Q2 2024 were USD 0.8m, mainly from interest income.

• For the six months ending June 30, 2024, net cash from investing activities was USD 21.9m, reflecting vessel sale proceeds.

• Net cash used in financing activities was USD -69.3m YTD, mainly from dividends and repayments to interests.

Outlook and guidance

• Board proposes an extraordinary distribution of NOK 1.00 per share, subject to EGM approval.