Frontline plc Reports Q3 and Nine-Month 2024 Results

TL;DR

Frontline plc dropped Q3/9-month 2024 results Nov 27. Check the 6-K for details.

AI Summary

Frontline plc reported its results for the third quarter and nine months ending September 30, 2024. The company is a foreign private issuer and files reports under the 1934 Act. This 6-K filing includes a press release dated November 27, 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 sector, allowing for informed investment decisions.

Risk Assessment

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

Key Players & Entities

• Frontline plc (company) — Registrant
• November 27, 2024 (date) — Press Release Date
• September 30, 2024 (date) — End of Reporting Period
• 001-16601 (other) — SEC File Number

FAQ

Key Financial Figures

• $60.5 million — ember 30, 2024 : Highlights Profit of $60.5 million , or $0.27 per share for the third quar
• $0.27 — ighlights Profit of $60.5 million , or $0.27 per share for the third quarter of 202
• $75.4 million — quarter of 2024 . Adjusted profit of $75.4 million , or $0.34 per share for the third quar
• $0.34 — Adjusted profit of $75.4 million , or $0.34 per share for the third quarter of 2024
• $490.3 million — uarter of 2024 . Reported revenues of $490.3 million for the third quarter of 2024 . Achie
• $39,600 — Aframax tankers in the third quarter of $39,600 , $39,900 and $36,000 per day, respecti
• $39,900 — nkers in the third quarter of $39,600 , $39,900 and $36,000 per day, respectively. Sol
• $36,000 — third quarter of $39,600 , $39,900 and $36,000 per day, respectively. Sold its oldest
• $48.5 million — built in 2010, for a net sales price of $48.5 million and delivered the vessel to its new own
• $36.5 million — nsaction generated net cash proceeds of $36.5 million after repayment of existing debt. Full
• $275.0 million — s largest shareholder ("Hemen") and the $275.0 million senior unsecured revolving credit facil
• $470.0 million — ate of Hemen for an aggregate amount of $470.0 million in the second, third and fourth quarter
• $512.1 million — aseback agreement in an amount of up to $512.1 million to refinance 10 Suezmax tankers. The re
• $101.0 million — rate net cash proceeds of approximately $101.0 million in the fourth quarter of 2024. Lars H.
• $187.6 million — mber 30, 2024 , compared with profit of $187.6 million in the previous quarter. The adjusted p

Filing Documents

• d11538403_6-k.htm (6-K) — 746KB
• image1.jpg (GRAPHIC) — 79KB
• image2.jpg (GRAPHIC) — 59KB
• image00003.jpg (GRAPHIC) — 2KB
• 0000919574-24-006927.txt ( ) — 940KB

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: November 27, 2024 By: /s/ Inger M. Klemp Name: Inger M. Klemp Title: Principal Financial Officer EXHIBIT 1 INTERIM FINANCIAL INFORMATION FRONTLINE PLC THIRD QUARTER 2024 27 November 2024 FRONTLINE PLC REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2024 Frontline plc (the "Company", "Frontline," "we," "us," or "our"), today reported unaudited results for the three and nine months ended September 30, 2024 : Highlights Profit of $60.5 million , or $0.27 per share for the third quarter of 2024 . Adjusted profit of $75.4 million , or $0.34 per share for the third quarter of 2024 . Declared a cash dividend of $0.34 per share for the third quarter of 2024 . Reported revenues of $490.3 million for the third quarter of 2024 . Achieved average daily spot time charter equivalent earnings ("TCEs") 1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the third quarter of $39,600 , $39,900 and $36,000 per day, respectively. Sold its oldest Suezmax tanker, built in 2010, for a net sales price of $48.5 million and delivered the vessel to its new owner in October 2024. The transaction generated net cash proceeds of $36.5 million after repayment of existing debt. Fully repaid the shareholder loan with Hemen Holding Limited, the Company's largest shareholder ("Hemen") and the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen for an aggregate amount of $470.0 million in the second, third and fourth quarters of 2024. Entered into a sale-and-leaseback agreement in an amount of up to $512.1 million to refinance 10 Suezmax tankers. The refinancing is expected to generate net cash proceeds of approximately $101.0 million in the fourth quarter of 2024. Lars H. Barstad, Chief Executive

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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View this 6-K filing on SEC EDGAR