Exmar jumps after 'pivotal' year 2022

EXMAR NV

29/03/2023 08:16

** Shares in Exmar  EXMR.BR  jump around 7% after the
Belgium ship owner reported full-year results strongly exceeding
levels seen one year ago 
    ** Exmar's consolidated EBITDA came in at $341.6 million,
far up from $51.3 million year ago, and consolidated profit
after tax was $320.3 million, jumping from $11.6 million year
ago    
        ** "We believe the negative sentiment from past problems
will gradually continue to evaporate as Exmar shifts its
business to more sustainable shipping," says KBC Securities
    ** The broker flags the boost from the earlier sale of Tango
FLNG, which relieved the company of its historical debt, making
2022 a pivotal year
    ** Exmar proposes dividend of 1 euro per share, which,
combined with the exceptional dividend, provides for a dividend
yield of over 20%, KBC adds
    ** The broker also expect a larger LNG infrastructure
investment to come up, which would relaunch the group's equity
story
    
($1 = 0.9241 euros)

 (Reporting by Dina Kartit)
 ((dina.kartit@thomsonreuters.com))