Beng Kuang Marine has posted profit before tax of $11.32 million for 1QFY2024 ended March 31, with a one-time gain of $5.83 million from a land sale.
This surpasses the company’s FY2023 profit before tax of $10.82 million.
Gross profit for the quarter surged 208.0% y-o-y to $9.79 million, while revenue grew 113.1% y-o-y to $28.63 million.
Cash and cash equivalents at the end of the quarter increased to $14.11 million from $12.19 million as at end 2023, while total borrowings fell to $9.14 million from $14.14 million.
Yong Jiunn Run, chief executive officer of Beng Kuang Group, says the robust performance in 1QFY2024 underscores Beng Kuang Group’s successful transition towards an “asset-light, service-oriented business model” with new value propositions, particularly within the offshore oil and gas market.
“By refocusing our business around our core strengths and streamlining our operations over the past few years, the group has achieved stronger business and operational performance with more cost-efficiency… Building on this momentum, we will continue to implement our business strategy with strong risk discipline and prudent capital management.”
See also: Beng Kuang Marine swings back into the black with profit before tax of $10.8 mil in FY2023
In February, Beng Kuang Marine BEZ reported profit before tax from continuing operations of $10.82 million in its FY2023, a turnaround from the loss of $5.55 million it recorded in FY2022.
