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Safe Bulkers’ (NYSE:SB) Q3FY24 Net Income Rises 77%, Declares USD 0.05 Cash Dividend

Thu 28 Nov 24, 05:15 AM | Team Kalkine

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Highlights

Safe Bulkers, Inc. (NYSE:SB) is a holding company with principal business including the acquisition, ownership and operation of drybulk vessels.

In Q3FY24, the company reported net revenues of USD 75.9 million, marking a notable increase of 17.3% compared to the prior corresponding period (pcp). This growth was driven by increased earnings and revenues from different segments.

During the reported period, net income available to common shareholders reached USD 23.1 million, marking a 77.1% increase from the previous year, attributed to higher revenues, partially offset by increased operating expenses. Cash and cash equivalents decreased by 5.2% YoY in Q3FY24 to USD 85.3 million. It was due to cash outflows from investing activities, although this was partly offset by cash inflows from financing and operating activities.

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