Frontline plc Reports Q2 and H1 2024 Results

TL;DR

Frontline plc dropped its Q2 and H1 2024 earnings report on 8/30.

AI Summary

Frontline plc reported its results for the second quarter and six months ended June 30, 2024, in a press release dated August 30, 2024. The filing is a Form 6-K, which is a report of a foreign private issuer. The company's principal executive offices are located in Limassol, Cyprus.

Why It Matters

This filing provides investors with the latest financial performance data for Frontline plc, a key player in the shipping industry, allowing for informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial disclosure filing (6-K) that reports past results and does not contain new material events or forward-looking statements that would inherently increase risk.

Key Players & Entities

• Frontline plc (company) — Registrant
• August 30, 2024 (date) — Date of press release and filing
• June 30, 2024 (date) — End of reporting period
• Limassol, Cyprus (location) — Location of principal executive offices

FAQ

Key Financial Figures

• $187.6 million — June 30, 2024 : Highlights Profit of $187.6 million , or $0.84 per share for the second qua
• $0.84 — ghlights Profit of $187.6 million , or $0.84 per share for the second quarter of 20
• $138.2 million — quarter of 2024 . Adjusted profit of $138.2 million , or $0.62 per share for the second qua
• $0.62 — Adjusted profit of $138.2 million , or $0.62 per share for the second quarter of 202
• $556.0 million — uarter of 2024 . Reported revenues of $556.0 million for the second quarter of 2024 . Achi
• $49,600 — framax tankers in the second quarter of $49,600 , $45,600 and $53,100 per day, respecti
• $45,600 — kers in the second quarter of $49,600 , $45,600 and $53,100 per day, respectively. Ent
• $53,100 — second quarter of $49,600 , $45,600 and $53,100 per day, respectively. Entered into an
• $48.5 million — built in 2010, for a net sales price of $48.5 million. After repayment of existing debt, the
• $36.5 million — rate net cash proceeds of approximately $36.5 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
• $275.0 million — ated net cash proceeds of approximately $275.0 million. Repaid an aggregate of $395.0 million
• $395.0 million — $275.0 million. Repaid an aggregate of $395.0 million under both the shareholder loan with He
• $512.1 million — aseback agreement in an amount of up to $512.1 million to refinance 10 Suezmax tankers, which
• $101 — rate net cash proceeds of approximately $101 .0 million in the fourth quarter of 20

Filing Documents

• d11455567_6-k.htm (6-K) — 364KB
• image1.jpg (GRAPHIC) — 79KB
• image2.jpg (GRAPHIC) — 14KB
• image3.jpg (GRAPHIC) — 59KB
• 0000919574-24-005294.txt ( ) — 574KB

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: August 30, 2024 By: /s/ Inger M. Klemp Name: Inger M. Klemp Title: Principal Financial Officer EXHIBIT 1 INTERIM FINANCIAL INFORMATION FRONTLINE PLC SECOND QUARTER 2024 30 August 2024 FRONTLINE PLC REPORTS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2024 Frontline plc (the "Company" or "Frontline"), today reported unaudited results for the six months ended June 30, 2024 : Highlights Profit of $187.6 million , or $0.84 per share for the second quarter of 2024 . Adjusted profit of $138.2 million , or $0.62 per share for the second quarter of 2024 . Declared a cash dividend of $0.62 per share for the second quarter of 2024 . Reported revenues of $556.0 million for the second quarter of 2024 . Achieved average daily spot time charter equivalent earnings ("TCEs") 1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the second quarter of $49,600 , $45,600 and $53,100 per day, respectively. Entered into an agreement to sell its oldest Suezmax tanker built in 2010, for a net sales price of $48.5 million. After repayment of existing debt, the transaction is expected to generate net cash proceeds of approximately $36.5 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 LR2 tankers, which generated net cash proceeds of approximately $275.0 million. Repaid an aggregate of $395.0 million under both the shareholder loan with Hemen Holding Limited ("Hemen"), our largest shareholder, and the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen in the second and third quarters of 2024 . Secured a commitment for a sale-and-leaseback agreement in an amount of up to $512.1 million to refinance 10 Suezmax

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 In addition to these important factors and matters discussed elsewhere herein,

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View this 6-K filing on SEC EDGAR