8 High Growth Penny Stocks That Are Profitable in 2024

2. Safe Bulkers, Inc. (NYSE:SB)

Share Price: $4.72

5-Year Net Income Growth: 30.91%

5-Year Revenue Growth: 9.35%

TTM Net Income: $87.55 Million

Number of Hedge Fund Holders: 15 

Safe Bulkers, Inc. (NYSE:SB) focuses on owning and operating ships designed to transport bulk materials across oceans. It owns a fleet of dry bulk vessels specifically designed to carry large quantities of goods. The company mainly engages in the transportation of unpackaged goods including coal, grain, and iron ore, which are essential raw materials for various industries.

As of early 2024, Safe Bulkers, Inc. (NYSE:SB) operated around 47 vessels of different sizes ranging from Panamax, medium-sized ships that can pass through the Panama Canal to Capesize, huge ships that must sail around the Cape of Good Hope or Cape Horn due to their size. Its vessels sail around the world making it an important trading partner for many international companies.

Safe Bulkers, Inc. (NYSE:SB) is emphasizing on the importance of decarbonization efforts and is trying to improve the energy efficiency of its vessels; these efforts are expected to make them dominate the market in the medium term. As per the management, the commodities the company transports are in high demand including coal, grain, and iron ore meaning the growth prospects of its business remain bright. Moreover, according to BIMCO, the global dry bulk market is expected to grow by 3% in 2024 and management believes they are well positioned to capitalize on this growing demand.

As far as its decarbonization efforts are concerned the company has achieved a 7.4% reduction in fleet emissions and is well-positioned to compete in the environmentally-focused charter market. Moreover, it has maintained a strong financial structure, with significant liquidity and a backlog of approximately $250 million. During the most recent quarter, Q2 2024, it grew its revenue by more than 11% and net income by more than 79% year-over-year, indicating robust financial performance.

Safe Bulkers, Inc. (NYSE:SB) ranks as the 2nd high-growth penny stock that is profitable in 2024.