Strong Preliminary Results for SFL Corporation
Preliminary Q3 2024 results and quarterly cash dividend set at $0.27 per share
SFL Corporation Ltd. (“SFL” or the “Company”) has reported its preliminary financial performance for the quarter ending September 30, 2024. The results showcase a significant stride in profitability and ongoing shareholder value.
Key Financial Highlights
Significant achievements were noted in the latest quarter:
- 83rd consecutive quarterly dividend declared at $0.27 per share, demonstrating SFL's commitment to returning value to shareholders.
- Net profit of $44.5 million, translating to $0.34 per share for the third quarter.
- Charter hire revenues reached $263.2 million, including $4.2 million from profit-sharing opportunities.
- Adjusted EBITDA stood at $158.8 million from consolidated subsidiaries, alongside an additional $7.9 million from associated companies.
- Successful delivery of newbuild LR2 product tankers SFL Taurus and SFL Tigris during the quarter.
- In August, the Company also took delivery of LNG dual-fuel chemical tankers SFL Aruba and SFL Bonaire.
- A remarkable fundraising effort generated over $1 billion in financing.
- Issuance of a new NOK 750 million bond due in 2029 marks another strategic financial move.
- Agreed to sell an older 1,700 TEU feeder container vessel post-quarter.
CEO Insights on Company Transformation
Ole B. Hjertaker, CEO of SFL Management AS, emphasized the transformative journey of SFL:
"Over the past decade, SFL has progressed from a vessel financing provider to a predominant maritime infrastructure company. The majority of our assets are under long-term charters with end users. We've focused on modernizing our fleet with high-efficiency vessels, including several dual-fuel propulsion models currently in operation and additional newbuilds on order."
Strong Operating Platform and Financial Backlog
SFL's robust operating platform is underpinned by the successful execution of repeat transactions with top-tier industry counterparts. Hjertaker continued, "We have added over $2 billion to our backlog this year alone. Our fixed-rate charter backlog now stands at approximately $4.7 billion, with two-thirds of that allocated to clients with investment-grade ratings, ensuring excellent cash flow visibility."
Quarterly Dividend Announcement
The Board of Directors of SFL Corporation has declared a quarterly cash dividend of $0.27 per share. This dividend is set to be paid on or around December 27, 2024, following the record date and ex-dividend date, which will be December 13, 2024, on the New York Stock Exchange.
Webcast and Presentation Details
In connection with the earnings release, a webcast will take place at 10:00 AM (EST) / 4:00 PM (CET). Interested parties can join via the Company’s website at www.sflcorp.com under the Investor Relations section.
Contact Information for Inquiries
Should you have any questions or need further information, please reach out to:
Investor and Analyst Contact
Espen Nilsen Gjøsund, Vice President - Investor Relations +47 47500500
Aksel C. Olesen, Chief Financial Officer +47 23114036
Media Contact
Ole B. Hjertaker, Chief Executive Officer +47 23114011
About SFL Corporation
SFL Corporation has established a unique position within the maritime industry by consistently paying dividends since its initial listing on the New York Stock Exchange in 2004. The Company's fleet includes tanker vessels, bulkers, and container vessels, all structured to facilitate long-term contracts and promote sustained growth in its asset base.
Frequently Asked Questions
What are the key financial highlights of SFL for Q3 2024?
SFL reported a net profit of $44.5 million, a quarterly dividend of $0.27 per share, and over $263 million in charter hire revenues.
How has SFL transformed in recent years?
SFL has evolved from a vessel financing provider to a leading maritime infrastructure company with a focus on modernizing its fleet with efficient, long-term charters.
When will the next dividend be paid?
The next dividend of $0.27 per share is set for around December 27, 2024, with the ex-dividend date on December 13, 2024.
What types of vessels does SFL own?
SFL's diverse fleet includes tankers, bulkers, container vessels, car carriers, and offshore drilling rigs, all supported by long-term charters.
How can investors learn more about SFL's performance?
Investors can visit SFL's website for updates, access reports, and join the upcoming earnings webcast for detailed insights.
