BW LPG Limited released its audited financial statements for the year ended 31 December 2025 on 4 May 2026. The statements, prepared under the Singapore Companies Act and IFRS, include the directors’ statement, audited financials, and auditor’s report.
For the fourth quarter of 2025, the company reported a net profit after tax of US$123 million and earnings per share of US$0.69, beating analyst expectations of US$0.60 by US$0.09. Revenue for the quarter reached US$732.4 million, far exceeding the consensus estimate of US$217.2 million. The strong results were driven by higher freight rates and efficient cost management, which helped the company maintain profitability despite market volatility.
Liquidity remained robust, with cash and cash equivalents of US$613 million and a net leverage ratio of 28.4 %. BW LPG operates a fleet of about 50 Very Large Gas Carriers, 22 of which are equipped with LPG dual‑fuel propulsion technology. Forward coverage for the first quarter of 2026 is strong, with 94 % of available days secured at an average rate of US$54,000 per day, well above the company’s cash breakeven of US$23,400 per day.
The market responded positively to the earnings beat, with analysts upgrading the company and noting the favorable macro backdrop. Kepler Capital Markets raised its rating to “Buy” and increased its price target, citing the company’s ability to capture higher freight rates amid geopolitical tensions in the Middle East. The dividend was also increased to US$0.5652 per share, an 11.6 % yield, although the high payout ratio of 142.5 % raised some concerns about sustainability.
The audited statements will be presented for adoption at BW LPG’s Annual General Meeting scheduled for 28 May 2026. Management remains confident in the company’s strategic positioning, citing its fleet’s advanced technology and strong forward bookings as key drivers of future growth.
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