Dorian LPG posts record profit

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Dorian LPG, a leading owner and operator of modern very large gas carriers reported its financial results for the three months and fiscal year ended March 31, 2024.

Key Recent Development

  • Declared an irregular dividend totaling $40.6 million to be paid on or about May 30, 2024.
  • Highlights for the Fourth Quarter Ended March 31, 2024
  • Revenues of $141.4 million.
  • Time charter equivalent (“TCE”) (1) per operating day rate for our fleet of $72,202.
  • Net income of $79.2 million, or $1.96 earnings per diluted share (“EPS”), and adjusted net income (1) of $77.6 million, or $1.91 adjusted diluted earnings per share (“adjusted EPS”)(1).
  • Adjusted EBITDA (1) of $105.0 million.
  • Declared and paid an irregular dividend totaling $40.6 million.
  • Highlights for the Fiscal Year Ended March 31, 2024
  • Revenues of $560.7 million.
  • TCE (1) per operating day rate for our fleet of $65,986.
  • Net income of $307.4 million, or $7.60 EPS, and adjusted net income (1) of $307.4 million, or $7.60 adjusted EPS (1).
  • Adjusted EBITDA (1) of $417.4 million.
  • Declared and paid four irregular dividends totaling $162.2 million.
  • Entered into the 2023 A&R Debt Facility (amending and restating the 2022 Debt Facility) to upsize the revolving credit facility amount to $50.0 million and added a new, uncommitted accordion term loan facility, in an aggregate principal amount of up to $100.0 million.
  • Entered into an agreement for a newbuilding Very Large Gas Carrier / Ammonia Carrier expected to be delivered in the third calendar quarter of 2026 for which we made the first $23.8 million installment payment in January 2024.
  • TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP measures. Refer to the reconciliation of revenues to TCE, net income to adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA included in this press release under the heading “Financial Information.”

John Hadjipateras, Chairman, President, and Chief Executive Officer of the Company, commented, “We generated a record-breaking fiscal year 2024 TCE of nearly $66,000 per operating day, yielding our highest ever net income and a more than 30% return on equity. Including the $1.00 per share dividend recently declared, we will have returned over $730 million to shareholders since our IPO. The challenges from market volatility and geopolitical events continued in the last quarter as we remain focused on the quality of our service to customers and the strength of our balance sheet. I am grateful to and commend our seafarers and shore staff for their commitment to our mission to provide safe, reliable, clean, and trouble-free transportation.”