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Scorpio Tankers (NYSE:STNG) Reports 72% Increase in Net Income for Q3 FY24

Sun 08 Dec 24, 07:53 AM | Team Kalkine

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Highlights

Scorpio Tankers Inc (NYSE:STNG) is a Monaco-based company specializing in transporting refined petroleum products. It operates in the oil and seaborne transportation sectors. It has a market cap of USD 2.53 billion.

STNG has demonstrated notable financial growth from 2020 to 2023. Revenue rose from USD 704.3 million in 2019 to USD 1,341.2 million in 2023. The company reversed its 2019 loss of USD 48.5 million, achieving a gain of USD 546.9 million by 2023. Gross margins also improved from 6.89% in 2019 to 40.78% in 2022 and 2023.

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