2022 I M P P
CEO Harry Vafias Commented
This quarter’s unprecedented profitability growth is solid proof that our company’s strategy is paying off. With the capital recently raised we have managed to grow our fleet, substantially increase our profitability and cash flow and create value for our investors. As a result of having acquired six vessels in the course of ten months, we generated net income of $15.5 million in a single quarter which is 15,400% higher than our profit in Q2 22’ and equivalent to 23% of our current market capitalization; We incurred moderate debt during the quarter, maintaining a healthy capital structure with $42.3 million of debt while preserving a free cash balance available for further fleet expansion of about $92 million. Given the strong market fundamentals and the promising charter rate environment and by taking advantage of our efficient management of our expanded fleet, we believe that we will achieve strong results and generate significant cash flow going forward. However, the valuation of our shares of common stock does not reflect our strong financial performance and capital available to fund our growth prospects.
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With this being a Greek company, would erupting tensions with Turkey block/impede any business done in countries around the Black Sea region?
>The fact that your company’s profits have grown so astronomically is proof positive that our investment strategy is working. The capital we’ve raised has allowed us to expand our fleet and increase our profitability, which in turn creates value for our investors. We’re confident that we’ll continue to generate strong results and significant cash flow going forward, despite the current valuation of our shares not reflecting this reality.
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https://www.imperialpetro.com/index.php/investor-relations/press-releases/76-imperial-petroleum-inc-reports-third-quarter-and-nine-months-2022-financial-and-operating-results