Frontline plc Q1 2024 Results Released

TL;DR

Frontline plc dropped Q1 2024 earnings, check the 6-K for details.

AI Summary

Frontline plc reported its results for the first quarter and three months ended March 31, 2024. The company is a foreign private issuer and files reports under the Securities Exchange Act of 1934. This 6-K filing includes a press release dated May 30, 2024, detailing these financial results.

Why It Matters

This filing provides investors with the latest financial performance data for Frontline plc, a key player in the maritime transportation of freight, allowing for informed investment decisions.

Risk Assessment

Risk Level: low — This filing is a routine report of financial results and does not contain significant new risks.

Key Players & Entities

• Frontline plc (company) — Registrant
• May 30, 2024 (date) — Press Release Date
• March 31, 2024 (date) — End of Reporting Period
• 001-16601 (other) — SEC File Number

FAQ

Key Financial Figures

• $180.8 million — March 31, 2024 : Highlights Profit of $180.8 million , or $0.81 per share for the first quar
• $0.81 — ghlights Profit of $180.8 million , or $0.81 per share for the first quarter of 202
• $137.9 m — quarter of 2024 . Adjusted profit of $137.9 million, or $0.62 per share for the first
• $0.62 — Adjusted profit of $137.9 million, or $0.62 per share for the first quarter of 2024
• $578.4 million — quarter of 2024. Reported revenues of $578.4 million for the first quarter of 2024 . Took
• $48,100 — arter equivalent earnings ("TCEs") 1 of $48,100 per day , comprised of $54,200 per day
• $54,200 — s") 1 of $48,100 per day , comprised of $54,200 per day for the Company's existing VLCC
• $42,300 — VLCC fleet prior to the Acquisition and $42,300 for the VLCCs delivered as a result of
• $4,900 — e primarily impacted by positioning and $4,900 per day due to ballast days. Entered i
• $382.0 million — 10, for an aggregate net sales price of $382.0 million. After repayment of existing debt on th
• $275.0 million — rate net cash proceeds of approximately $275.0 million. Refinanced eight LR2 tankers, generat
• $139.0 million — ting net cash proceeds of approximately $139.0 million. Entered into a senior secured term lo
• $606.7 million — erm loan facility in an amount of up to $606.7 million to refinance eight Suezmax tankers and
• $278.0 million — rate net cash proceeds of approximately $278.0 million. The net cash proceeds of approximatel
• $692.0 million — The net cash proceeds of approximately $692.0 million expected to be generated from the sales

Filing Documents

• d11063253_6k.htm (6-K) — 296KB
• image1.jpg (GRAPHIC) — 79KB
• image2.jpg (GRAPHIC) — 59KB
• image00003.jpg (GRAPHIC) — 2KB
• 0000919574-24-003387.txt ( ) — 489KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FRONTLINE PLC (registrant) Dated: May 31, 2024 By: /s/ Inger M. Klemp Name: Inger M. Klemp Title: Principal Financial Officer EXHIBIT 1 INTERIM FINANCIAL INFORMATION FRONTLINE PLC FIRST QUARTER 2024 30 May 2024 FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024 Frontline plc (the "Company" or "Frontline"), today reported unaudited results for the three months ended March 31, 2024 : Highlights Profit of $180.8 million , or $0.81 per share for the first quarter of 2024 . Adjusted profit of $137.9 million, or $0.62 per share for the first quarter of 2024 . Declared a cash dividend of $0.62 per share for the first quarter of 2024. Reported revenues of $578.4 million for the first quarter of 2024 . Took delivery of the remaining 13 VLCCs from Euronav NV ("Euronav") as part of the acquisition of 24 VLCCs (the "Acquisition"). Achieved average daily spot VLCC time charter equivalent earnings ("TCEs") 1 of $48,100 per day , comprised of $54,200 per day for the Company's existing VLCC fleet prior to the Acquisition and $42,300 for the VLCCs delivered as a result of the Acquisition. The TCEs for the VLCCs delivered were primarily impacted by positioning and $4,900 per day due to ballast days. Entered into agreements to sell its five oldest VLCCs, built in 2009 and 2010, and two of its oldest Suezmax tankers, built in 2010, for an aggregate net sales price of $382.0 million. After repayment of existing debt on the vessels the transactions are expected to generate net cash proceeds of approximately $275.0 million. Refinanced eight LR2 tankers, generating net cash proceeds of approximately $139.0 million. Entered into a senior secured term loan facility in an amount of up to $606.7 million to refinance eight Suezmax tankers and eight LR

Forward-Looking Statements

Forward-Looking Statements Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to these important factors and matters discussed elsewhere herein,

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