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Highlights:
- Algoma is a Canada-based shipping company with a fleet of dry and liquid bulk carriers.
- In 2021, Algoma's net earnings jumped 79 per cent YoY to C$ 82,170 compared to C$ 45,850 in 2020.
- At market close on Friday, February 25, the ALC stock was up 2.5 per cent and closed at C$ 17.36 per share.
Algoma Central Corporation (TSX:ALC) posted record financial results for 2201 and said its revenues were C$ 598,873, reflecting a year-over-year (YoY) increase of 10 per cent.
Gregg Ruhl, President and Chief Executive Officer (CEO) at Algoma Central, said that the business demonstrated true strength in 2021 and helped the company achieve record financial results.
Algoma is a Canada-based shipping company with a fleet of dry and liquid bulk carriers. The CEO stated that the company met the demand and navigated the challenges posed by the ongoing COVID-19 pandemic.
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As per the official statement, Algoma Central did not experience a surge in grain cargoes. However, the export of iron ore and demand for North American steel helped the company achieve solid financial results.
Key highlights of Algoma's 2021 results
In 2021, Algoma's net earnings jumped 79 per cent YoY to C$ 82,170 in comparison to C$ 45,850 in 2020. Meanwhile, the basic earnings per share were C$ 2.17 compared to C$ 1.21.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) climbed nine per cent YoY to C$ 188,983 in 2021.
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Notably, Algoma Central offers a quarterly dividend of C$ 0.17 per unit to its shareholders, and its dividend yield is 3.9 per cent.
Bottom line
At market close on Friday, February 25, the ALC stock was up 2.5 per cent and closed at C$ 17.36 per share.
Algoma claimed in its earnings report that in 2022, it is well-positioned for the navigation season and anticipates growth in most sectors.
The company said it is prepared to tackle the issue of drought in western Canada and that it would remain focused on providing stakeholder value by delivering sustainable shipping solutions.
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