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Reported Q: Q4 2023 Rev YoY: -16.6% EPS YoY: -41.1% Move: -0.48%

Frontline Ltd

FRO.OL

Kr.331.10 -0.48%

Exchange OSL Sector Energy Industry Oil Gas Midstream

Q4 2023

Published: Apr 26, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for FRO.OL

Reported

Report Date

Apr 26, 2024

Quarter Q4 2023

Revenue

415.00M

YoY: -16.6%

EPS

0.53

YoY: -41.1%

Market Move

-0.48%

Previous quarter: N/A

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Earnings Highlights

Revenue of $415.00M down 16.6% year-over-year
EPS of $0.53 decreased by 41.1% from previous year
Gross margin of 36.6%
Net income of 118.37M
""We are committed to pursuing our strategy of modernizing our fleet and enhancing operational efficiency. We anticipate favorable market conditions improving shipping rates moving forward."" - John Fredriksen, CEO

FRO.OL

Frontline Ltd

Period Q4 2023

Currency USD

Report Type Quarterly Earnings

Generated Mar 31, 2026

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Executive Summary

Frontline Ltd (FRO.OL) reported a challenging Q4 2023, with revenues of $415 million, down 28.25% quarter-over-quarter and 16.55% year-over-year. The significant drop in gross profit margin to 36.6% from 49.8% in the previous quarter reflects the pressures on the crude oil market, impacting shipping rates and overall demand. Despite these challenges, the company's management remains optimistic about operational efficiencies and strategic fleet expansions, aiming to leverage anticipated market recoveries.

Key Performance Indicators

Revenue

Decreasing

415.00M

QoQ: -28.25% | YoY: -16.55%

Gross Profit

Decreasing

151.94M

36.61% margin

QoQ: -31.98% | YoY: -36.49%

Operating Income

Decreasing

138.05M

QoQ: -33.80% | YoY: -42.69%

Net Income

Decreasing

118.37M

QoQ: -34.54% | YoY: -40.70%

EPS

Decreasing

0.53

QoQ: -34.57% | YoY: -41.11%

Revenue Trend

Margin Analysis

Financial Highlights

In Q4 2023, Frontline Ltd posted a revenue of $415 million, with a gross profit of $152 million and a net income of $118 million. Key performance ratios showed a profitability decrease with Net Income Margin at 28.5%, down from 43.5% quarter-on-quarter and a gross profit margin that also shrank considerably. The company’s EPS fell to $0.53, reflecting a significant year-over-year decline of 41.11%. The current ratio improved slightly to 1.78, indicating reasonable short-term liquidity despite volatile market conditions, while total debt stood at $3.46 billion, under a high debt/equity ratio of 1.52, emphasizing financial leverage even as interest coverage was maintained at 2.87 times.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	415.00M	-16.55%	-28.25%
Gross Profit	151.94M	-36.49%	-31.98%
Operating Income	138.05M	-42.69%	-33.80%
Net Income	118.37M	-40.70%	-34.54%
EPS	0.53	-41.11%	-34.57%

Key Financial Ratios

Gross Profit Margin

Fair

36.60%

Gross profit margin is moderate, room for improvement in cost management

Operating Profit Margin

Excellent

33.30%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

28.50%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Weak

2.01%

Return on assets suggests inefficient capital allocation

Return on Equity

Fair

5.20%

Return on equity is acceptable but below top-tier companies

Current Ratio

Healthy

1.78

Current ratio shows adequate liquidity to meet short-term obligations

Debt to Equity

High Risk

1.52

Debt-to-equity indicates high leverage and elevated financial risk

P/E Ratio

Value

9.74x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Fair Value

2.02x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2024	425.64	0.30	-26.4%	View
Q3 2024	490.32	0.27	+30.0%	View
Q2 2024	556.03	0.84	+8.4%	View
Q1 2024	578.40	0.81	+9.1%	View
Q4 2023	415.00	0.53	-16.6%	View

Frontline Ltd (FRO.OL) Q4 2023 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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