Topaz Energy and Marine climbs to Q2 2019 profit
The company's profit rose on increased revenue, compared to a net loss of $1mn in Q2 2018
Topaz Energy and Marine, recently acquried by DP World, reported a $25mn profit for the second quarter of 2019, compared to a $1mn loss for the same period last year. Its revenue rose 42.4% to hit $121mn in Q2 2019.
The company's results for the first half also reflect growth, with $42mn in profit, up from a loss of $4mn in H1 2018. Its revenue for H1 2019 hit $235mn, a 56% increase from the previous year.
“DP World recognises the success we have achieved and wants us to continue to deliver that going forward. Testament to this success, are our results for the first half of 2019,” said Topaz Energy and Marine CEO René Kofod-Olsen.
In July, DP World acquired Topaz Energy and Marine from Renaissance Services and the private equity arm of Standard Chartered for $1.08bn.
“The acquisition concludes our journey to deliver the right solution for our current shareholders, combined with a strong future capital structure for the company, creating the necessary liquidity to provide Topaz with a sustainable future,” Kofod-Olsen said.
"Much like DP World, Topaz has evolved its business, offering customers a range of logistics solutions and helping the Company outperform the industry," said Sultan Ahmed bin Sulayem, group chairman and CEO of DP World. "We believe that this innovative approach, together with the increased scale, will allow the combined Topaz and P&O Maritime Services business to drive efficiencies and earnings growth."