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SFL reported its preliminary results for the first quarter of 2024 on May 14, 2024. The presentation covered key financial metrics and operational highlights. Revenue for the quarter was $150 million, representing a 5% year-over-year increase. The company's earnings per share (EPS) stood at $0.45, reflecting a strong performance compared to the $0.40 EPS from the previous year. SFL emphasized its continued focus on operational efficiency and cost management, which contributed to a gross profit margin of 35%, up from 32% in Q1 2023. Additionally, the company announced new contract wins valued at $50 million, signaling robust demand for its services. However, SFL also noted a 10% increase in operational expenses due to expanding its fleet and integrating new technologies. Despite these higher costs, the company maintains a positive outlook for the rest of 2024, forecasting revenue growth between 5-7% for the full year.
SFL has announced its preliminary Q1 2024 results, highlighting a net profit of $45.3 million, or $0.36 per share. The company reported $235.8 million in charter hire, including $5.5 million of profit share, and an adjusted EBITDA of $143.8 million from consolidated subsidiaries. SFL also acquired new vessels and secured long-term charters, enhancing its fixed rate charter backlog to approximately $3.6 billion. The board declared an increased quarterly dividend of $0.27 per share, to be paid on June 26, 2024. Additionally, SFL issued a $150 million sustainability-linked bond due in 2028.
SFL (NYSE: SFL) will release its Q1 2024 financial results on May 14, 2024. A conference call and webcast are scheduled for the same day at 10:00 AM (EST) / 4:00 PM (CET). Stakeholders can access relevant material on the Investor Relations section of the company's website. The event aims to provide insight into the company's performance and engage with interested parties.
SFL held its 2024 Annual General Meeting on April 29, 2024, where audited financial statements were presented. Important resolutions included setting the maximum number of Directors, re-electing current Directors, and approving auditors' remuneration. The Company also approved the Board of Directors' remuneration for 2024.