Oslo, 14 February 2025: Höegh Autoliners (“Höegh Autoliners” or the “Company”, ticker code: HAUTO) reported solid financial performance in the fourth quarter of 2024. The gross revenue was USD 352 million/NOK 3,878 million, operating profit (EBITDA) was USD 179 million/NOK 1,967million, and net profit after tax was USD 138 million/NOK 1,517 million.
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Highlights of the quarter
Operating profit (EBITDA) of USD 179 million and net profit after tax of USD 138 million.
Gross freight rate decreased by 1% compared to Q3 2024 to USD 100.4 per CBM.
Delivery of Höegh Borealis in October.
Delivery of Höegh Australis and Höegh Sunlight in December.
Several contracts with major international car producers signed during Q4, resulting in the strongest contract backlog the Company has ever had.
Q3 2024 dividend of USD 245 million paid in December 2024.
A dividend for Q4 2024 of USD 90 million (USD 0.4718 per share) declared and will be paid out in March.
Total dividend paid out in 2024 amounts to USD 841 million (USD 4.4084 per share).
Andreas Enger, CEO of Höegh Autoliners, comments: “2024 was a remarkable year for Höegh Autoliners. We achieved strong financial results in the fourth quarter, with an operating profit of USD 179 million and a net profit after tax of USD 138 million. Our efforts to build a quality contract backlog have been successful, as evidenced by several long-term contracts signed with leading OEMs globally during the last quarter. We maintain our confidence in providing top-tier, environmentally friendly transport solutions, bolstered by the addition of the three new Aurora-class vessels in the fleet. Creating values to our shareholders remains one of our top priorities, and I am pleased to announce a quarterly dividend of USD 90 million to be paid in March. I extend my heartfelt gratitude to all our employees, partners and customers for their support during 2024.”
Outlook
On the back of several new contracts signed during 2024, Höegh Autoliners starts 2025 with the strongest contract backlog the Company has ever had. Following the normal seasonal slowdown in the beginning of the year, we expect Q1 volumes to be in line with recent quarters.
The delivery of newbuilds will gradually remove some of the pressure seen in our segment, but the general market remains strong with more volume than we can carry in key trade lanes.
With regards to transiting the Red Sea, we maintain regular communication with relevant stakeholders and monitor the situation continuously.
The geopolitical landscape is unpredictable and uncertainty has increased over the last few weeks with threats of and introduction of new tariffs. Höegh Autoliners´ direct exposure so far is limited, but generally any tariff will negatively effect the overall market.
We expect an EBITDA result for Q1 slightly below same quarter last year.
Please find attached the Q4 2024 report. The results will also be presented by CEO Andreas Enger and CFO Espen Stubberud at 08:30 CET today. The presentation will be held in English, and a recorded version of the webcast together with the presentation will be made available on our website soon after the webcast ends.
Link to watch the webcast: https://investors.hoeghautoliners.com/investors/reports-and-other-resources/webcasts-and-videos/default.aspx
For further information, please contact:
Andreas Enger, CEO
andreas.enger@hoegh.com
+47 901 31 228
Espen Stubberud, CFO
espen.stubberud@hoegh.com
+47 400 39 753
My Linh Vu, Head of Finance, Treasury and IR
my.linh.vu@hoegh.com
ir@hoegh.com
+47 486 48 086
Media contact:
Camilla Knappskog, Head of Communications
camilla.knappskog@hoegh.com
+47 926 66 156
About Höegh Autoliners
Höegh Autoliners is a leading global provider of RoRo (Roll On Roll Off) transportation services delivering cars, high and heavy and breakbulk cargoes across the world. The Company operates around 40 RoRo vessels in global trade systems and makes more than 2 000 port calls each year. Our purpose is to develop innovative solutions for greener and more sustainable deep sea transportation. We are on a path to a zero emissions future and are working closely with customers and partners to achieve this. Höegh Autoliners has its head office in Oslo, Norway and employs around 460 people in its 16 offices worldwide and around 1 200 seafarers.
This statement contains certain forward-looking statements concerning future events. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company’s services, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors include, but are not limited to, the possibility that we will determine not to, or be unable to, issue any equity securities, and could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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