Bhagwan Marine Shares Surge 17.5% After Strong FY25 Update

2 min read | December 06, 2024 12:02 PM AEDT | By Team Kalkine Media

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Bhagwan Marine Shares Surge 17.5% After Strong FY25 Update — Image source: shutterstock

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Highlights

Share Price Soars: Bhagwan Marine jumped 17.5% to 65 cents during morning trade on December 6, 2024.

Strong Pro-Forma EBITDA Growth: The company expects 1H FY25 EBITDA to rise by 26–36% to $26–$28 million.

Major Project Closeout: Completion of a large-scale decommissioning project significantly boosted results.

Shares of Australian marine services company Bhagwan Marine Limited (ASX:BWN) skyrocketed during morning trading on December 6, 2024, surging nearly 17.5% to 65 cents. The dramatic rise followed a trading update that highlighted robust financial performance driven by strong demand and the successful closeout of a major project.

1H FY25 EBITDA Outlook
Bhagwan Marine anticipates its pro-forma EBITDA for the first half of FY25 (ending December 31, 2024) to land between $26 million and $28 million. This represents an impressive increase of 26–36% compared to the same period last year.

This growth is attributed to the successful completion of its largest oil and gas decommissioning project in Q1 FY25. Additionally, the company has benefited from sustained demand for its diverse marine services across multiple sectors and regions.

Strength in Core Operations
The company’s strong momentum reflects its ability to capture opportunities within its core business. Bhagwan Marine’s comprehensive range of marine services, which includes support for the oil and gas, renewable energy, and infrastructure sectors, has seen increasing demand.

The decommissioning project, completed in the first quarter, was particularly noteworthy for its scale and complexity. It has not only boosted earnings but also reinforced Bhagwan’s position as a leading player in the marine services industry.

Upcoming Financial Results
Investors are eagerly anticipating the full financial results for the six months ending December 31, 2024, which are scheduled to be released on February 28, 2025. Analysts will be looking for further insights into how Bhagwan Marine plans to sustain this growth trajectory moving forward.

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