The smallest of the 4 shipping companies of Vafias Group, Imperial Petroleum reported its financial results for the nine months of 2022.
The company took delivery of its second dry bulk handysize carrier the “Eco Angelbay” and reported the Revenues of $42.6 million - up $ 31.3 million or 277% up from Q2 22’.
The Net income is $15.5 million - up $15.4 million or 15,400% from Q2 22’ and equivalent to approximately 23% of our current market capitalization.
The EBITDA1 of $18.7 million in Q3 22’ is up $15.7 million or 523% from Q2 22’ and the cash and time deposits of $92.4 million as of September 30, 2022 is 1.3 times higher than the current market cap.
CEO Harry Vafias commented: “This quarter’s unprecedented profitability growth is solid proof that our company’s strategy is paying off. With the capital recently raised we have managed to grow our fleet, maximize our profitability, substantially increase our cash flow and create value to our investors. As a result of having acquired six vessels in a course of ten months, we generated net income of $15.5 million in a single quarter which is 15,400% higher than our profit in Q2 22’ and is equivalent to 23% of our current market capitalization; We incurred moderate debt during the quarter, maintaining a healthy capital structure with $42.4 million of debt while preserving a free cash balance available for further fleet expansion of about $92 million. Given the strong market fundamentals and the promising charter rate environment and by taking advantage of our efficient management of our expanded fleet, we believe that we will achieve strong results and generate significant cash flow going forward. However, the valuation of our shares of common stock does not reflect our strong financial performance and capital available to fund our growth prospects”.
Image 1: dry bulk handysize carrier “Eco Angelbay”, 33.000dwt, built 2009
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