Revenues surged by 89.2% during the period.

Mermaid Maritime Public Company Limited has reported a profit attributable to owners of the parent of $18.62m (US$13.78m) in fiscal year (FY 2024), up 43.6% from the previous year.

According to its disclosure, Mermaid Maritime said its revenue jumped 89.2% to $709.82m (US$525.27m) last year.

A major contributor was the increase in revenue from the rendering of services, which added $693.7m (US$513.34m), up 86.4% from last year. This was attributed to growth in all service sectors which were subsea inspection, repair and maintenance services, cable laying services, and subsea transportation and installation and decommissioning services.

Also fuelling revenue was the surge in the reversal of impairment losses on property, plant, and equipment to $13.39m (US$9.91m).

"The impairment losses on two owned Subsea vessels were reversed as the recoverable amounts of these vessels, determined as the higher of fair value less costs of disposal and value in use, exceeded their carrying amounts impaired in prior periods," Mermaid Maritime said.

Expenses also increased last year, jumping 88.9% to $689.82m (US$510.47m).

The company said it remains cautiously optimistic about the global economy and the subsea industry. Amidst macroeconomic and geopolitical uncertainties it "remains well-positioned to navigate these complexities," thanks to its strategic market presence, operational resilience, and strong financial discipline.

Mermaid Maritime said it will also continue enhancing its capabilities in offshore and subsea services whilst actively monitoring developments in the clean energy space.

$1 = US$0.74