Frontline Ltd.

FRO

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

2,050

Cost of Revenue

1,345

Gross Profit

1,045

Gross Margin

51.0%

Operating Income

782

Operating Margin

38.1%

Net Income

496

Net Margin

24.2%

EPS (Basic)

$2.23

EPS (Diluted)

$2.23

EBITDA

1,146

EBITDA Margin

55.9%

2023

12/31/2023

Revenue

1,787

Cost of Revenue

1,026

Gross Profit

761

Gross Margin

42.6%

Operating Income

747

Operating Margin

41.8%

Net Income

656

Net Margin

36.7%

EPS (Basic)

$2.95

EPS (Diluted)

$2.95

EBITDA

1,063

EBITDA Margin

59.5%

2022

12/31/2022

Revenue

1,430

Cost of Revenue

949

Gross Profit

481

Gross Margin

33.6%

Operating Income

443

Operating Margin

31.0%

Net Income

476

Net Margin

33.2%

EPS (Basic)

$2.22

EPS (Diluted)

$2.22

EBITDA

726

EBITDA Margin

50.7%

2021

12/31/2021

Revenue

749

Cost of Revenue

719

Gross Profit

Gross Margin

4.1%

Operating Income

Operating Margin

4.0%

Net Income

-11

Net Margin

-1.5%

EPS (Basic)

$-0.06

EPS (Diluted)

$-0.06

EBITDA

217

EBITDA Margin

29.0%

2020

12/31/2020

Revenue

1,221

Cost of Revenue

684

Gross Profit

537

Gross Margin

43.9%

Operating Income

508

Operating Margin

41.6%

Net Income

413

Net Margin

33.8%

EPS (Basic)

$2.11

EPS (Diluted)

$2.09

EBITDA

628

EBITDA Margin

51.5%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	2,050	1,787	1,430	749	1,221
Cost of Revenue	1,345	1,026	949	719	684
Gross Profit	1,045	761	481	31	537
Gross Margin	51.0%	42.6%	33.6%	4.1%	43.9%
Operating Income	782	747	443	30	508
Operating Margin	38.1%	41.8%	31.0%	4.0%	41.6%
Net Income	496	656	476	-11	413
Net Margin	24.2%	36.7%	33.2%	-1.5%	33.8%
EPS (Basic)	$2.23	$2.95	$2.22	$-0.06	$2.11
EPS (Diluted)	$2.23	$2.95	$2.22	$-0.06	$2.09
EBITDA	1,146	1,063	726	217	628
EBITDA Margin	55.9%	59.5%	50.7%	29.0%	51.5%