Scorpio Tankers posts record Q2 profit

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Scorpio Tankers reported its results for the three and six months ended June 30, 2022.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share on the Company’s common stock.

Results for the three months ended June 30, 2022 and 2021

For the three months ended June 30, 2022, the Company had net income of $191.1 million, or $3.44 basic and $3.06 diluted earnings per share.

For the three months ended June 30, 2022, the Company had adjusted net income (see Non-IFRS Measures section below) of $196.1 million, or $3.53 basic and $3.13 diluted earnings per share, which excludes from net income (i) a $1.5 million, or $0.03 per basic and $0.02 per diluted share, aggregate write-down of vessels held for sale and loss on the sale of vessels, (ii) $3.9 million, or $0.07 per basic and $0.06 per diluted share, write-off or acceleration of the amortization of deferred financing fees on the debt or lease financing obligations relating to these vessel sales and related debt extinguishment costs, and (iii) $0.4 million, or $0.01 per basic and $0.01 per diluted share, gain recorded on the repurchase of the Company’s Convertible Notes due 2025.

For the three months ended June 30, 2021, the Company had a net loss of $52.8 million, or $0.97 basic and diluted loss per share.

For the three months ended June 30, 2021, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $51.1 million, or $0.94 basic and diluted loss per share, which excludes from the net loss $1.6 million, or $0.03 per basic and diluted share, of losses recorded on the transaction to exchange $19.4 million in aggregate principal amount of the Company’s existing Convertible Notes due 2022 for $19.4 million in aggregate principal amount of new Convertible Notes due 2025.

Results for the six months ended June 30, 2022 and 2021

For the six months ended June 30, 2022, the Company had net income of $106.7 million, or $1.92 basic and $1.84 diluted earnings per share.

For the six months ended June 30, 2022, the Company had adjusted net income (see Non-IFRS Measures section below) of $181.3 million, or $3.27 basic and $2.99 diluted earnings per share, which excludes from net income (i) a $69.2 million, or $1.25 per basic and $1.07 per diluted share, aggregate write-down of vessels held for sale and loss on the sale of vessels, (ii) $5.8 million, or $0.10 per basic and $0.09 per diluted share, write-off or acceleration of the amortization of deferred financing fees on the debt or lease financing obligations relating to these vessel sales and related debt extinguishment costs and (iii) $0.4 million, or $0.01 per basic and $0.01 per diluted share, gain recorded on the repurchase of the Company’s Convertible Notes due 2025.

For the six months ended June 30, 2021, the Company had a net loss of $115.2 million, or $2.12 basic and diluted loss per share.

For the six months ended June 30, 2021, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $108.3 million, or $1.99 basic and diluted loss per share, which excludes from the net loss $5.5 million, or $0.10 per basic and diluted share, of losses recorded on the transaction to exchange the Company’s existing Convertible Notes due 2022 for new Convertible Notes due 2025 as well as a $1.3 million, or $0.02 per basic and diluted share, write-off of deferred financing fees related to the refinancing of certain credit facilities.

Declaration of Dividend
On July 27, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about September 15, 2022 to all shareholders of record as of August 11, 2022 (the record date). As of July 27, 2022, there were 59,047,152 common shares of the Company outstanding.