Beng Kuang Marine has reported a profit before tax of $3.8 million for the 3QFY2024 ended September, up 27.2% y-o-y from the same period last year.
This came on the back of the group’s revenue growth in 3QFY2024, which saw a 25.1% y-o-y increase to $26.8 million. This was due to revenue growth from the group’s IE business division, which was driven by demand for asset integrity solutions supporting floating production storage and offloading (FPSO) vessels in onshore and offshore markets.
Meanwhile, gross profit saw a 23.9% y-o-y increase to $9.5 million, while gross profit margin was up at 35.4% in 3QFY2024.
As at Sept 30, cash and cash equivalents stood at $18.6 million, while total borrowings stood at $9.3 million.
Yong Jiunn Run, CEO of Beng Kuang Marine BEZ , says: "We have regained our momentum towards profitability, fueled by robust revenue growth. Our unwavering focus remains on delivering exceptional service quality, operational efficiency, and value creation which are essential drivers in today's fast-evolving market.”
Looking ahead, he adds that the group is “dedicated to upholding operational excellence and nurturing strong relationships with clients and partners”.
See also: Envictus reports profit turnaround with earnings of RM50.6 mil
Shares in Beng Kuang Marine closed flat at 23 cents on Nov 12.
