Performance Highlights
The key numbers from our 2Q 2024 Profit & Loss
| (USD MM) | 2Q 2024 | 2Q 2023 | YoY Amount Change | 2Q 2024 | 1Q 2024 | QoQ Amount Change |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue from rendering of services | 158.0 | 62.0 | +96.0 | 158.0 | 88.0 | +70.0 |
| Netgain on foreign exchange | - | 0.3 | -0.3 | - | 0.8 | -0.8 |
| Interest income and other income | 0.5 | 0.4 | +0.1 | 0.5 | 0.5 | +0.0 |
| Total income | 158.5 | 62.7 | +95.8 | 158.5 | 89.3 | +69.2 |
| Expense | ||||||
| Costs of rendering of services | 147.5 | 53.3 | +94.2 | 147.5 | 79.4 | +68.1 |
| Administrative expenses | 6.1 | 5.2 | +0.9 | 6.1 | 5.3 | +0.8 |
| Netloss on foreign exchange | 0.3 | - | +0.3 | 0.3 | - | +0.3 |
| Finance costs | 2.2 | 1.3 | +0.9 | 2.2 | 2.3 | -0.1 |
| Total expenses | 156.1 | 59.8 | +96.3 | 156.1 | 87.0 | +69.1 |
| Profit from operation | 2.4 | 2.9 | -0.5 | 2.4 | 2.3 | +0.1 |
| Share of profit (loss) of joint ventures and associate | 1.0 | 0.7 | +0.3 | 1.0 | (1.2) | +2.2 |
| Profit before income tax expense | 3.4 | 3.6 | -0.2 | 3.4 | 1.1 | +2.3 |
| Tax expense | (0.5) | (0.4) | -0.1 | (0.5) | (0.6) | +0.1 |
| Profit for the period | 2.9 | 3.2 | -0.3 | 2.9 | 0.5 | +2.4 |
| Earnings per share (US Cents) | 0.2 | 0.2 | -0.0 | 0.2 | 0.0 | +0.2 |
| Depreciation expenses and amortization expenses | 7.8 | 6.3 | +1.5 | 7.8 | 6.9 | +0.9 |
| EBITDA (1) | 12.4 | 10.5 | +1.9 | 12.4 | 11.5 | +0.9 |
Remark:
(1) Excluding share of profit (loss) of joint ventures and associate
Total Order Book
- Cable Lay
- Subsea IRM
- T&I and Decommissioning
Order Book by Region
At the end of June2024, the order book was at USD 976 m.
Mermaid Group has secured multiple project awards in South East Asia, the Middle East, North Sea and Western Sub Sahara region for both short-term and long-term throughout FY2026. The order book number included Cable Laying, Subsea Pipeline Tie- ins, Inspection, Repair and Maintenance and T&I and Decommissioning services.