DHT Holdings Inc, the Bermudian-based independent crude oil tanker company, has reported a net profit for 2024 of $181.5 million, a jump of $20 million compared with the 2023 net profit of $161.4 million.

The company said the difference between the two periods was mainly due to a $17.5 million increase in operating income, and a $2.5 million decrease in net financial expenses.

DHT reported shipping revenues for 2024 of $567.8 million compared with $556.1 million in 2023. The increase includes $25.3 million attributable to increased total revenue days, partially offset by $13.5 million attributable to lower tanker rates.

Net financial expenses for 2024 were $28.6 million, compared with $31.1 million in 2023.

The decrease was mainly due to decreased interest expenses of $2.7 million, due to a decline in interest rates, and a non-cash loss of $0.5 million related to interest rate derivatives in 2023, partially offset by reduced interest income of $0.6 million.

Net profit for the fourth quarter was $54.7 million. After adjusting for a non-cash reversal of previous impairment charges of $27.9 million, the company had a net profit for the quarter of $26.8 million.

During the quarter, the company purchased 1,481,383 of its own shares in the open market, equivalent to 0.9 per cent of its outstanding shares, at an average price of $8.89. All shares were retired upon receipt.

For the quarter, the company declared a cash dividend of $0.17 per share of outstanding common stock, payable on February 25 to shareholders of record as of February 18.

This marks the 60th consecutive quarterly cash dividend and is in line with the company’s capital allocation policy to pay out 100 per cent of ordinary net income.