Beng Kuang Marine has announced a 167.7% YoY increase in net profit, reaching S$21.19m for the financial year 2024. This surge is attributed to a strategic shift towards an asset-light and service-oriented business model, which has driven revenue up by 41.3% yer-on-year (YoY) to S$111.88m. The company plans to reward its shareholders with a proposed dividend of S$0.006 per share.
The company’s Infrastructure Engineering (IE) division experienced a notable organic revenue growth of 60.3% YoY, amounting to S$91.43m, driven by strong demand for asset integrity solutions and services for floating assets like Floating Production Storage and Offloading vessels (FPSOs) and Floating Storage and Offloading vessels (FSOs). This growth was further supported by the company’s efforts to streamline operations and exit loss-making ventures, resulting in an improved gross profit margin of 34.6% compared to 31.5% in the previous year.
A one-off gain of S$5.51m from a partial land sale also contributed to the financial results. The company reported a net cash inflow of S$13.47m from operating activities, strengthening its balance sheet with cash and cash equivalents rising to S$22.92m.
Looking forward, Beng Kuang Marine aims to capitalise on growth opportunities in the offshore and marine industry, leveraging its service-centric model to enhance business sustainability and shareholder value.
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