Dyna-Mac Holdings' net profit surged to $38.7 million in 1HFY2024 for the six months to end-June, up more than 200%. The higher net profit was achieved through completion of major projects, improved productivity and increase in volume of projects undertaken.
Revenue rose by 42.5% to $259.7 million in 1HFY2024, attributed to completion of major projects in the first half. The Group’s gross profit rose by 191.3% to $71.7 million in 1H2024. Other income witnessed a healthy rise, totaling $7.6 million in 1H2024, reflecting a 116.3% increase from $3.5 million in 1H2023. The rise in other income was mainly due to higher interest income, forex gain and increase in scrap income.
ROE increased to 66.4% in the first half compared to 42.5% in 1H2023. Earnings per share rose to 3.72 cents from 0.98 cents in 1H2023.
The outlook for fabricating topside modules for Floating Production Storage and Offloading (FPSO) vessels remains buoyant. The global FPSO market is projected to grow from US$6.8 billion in 2020 to US$34.7 billion in 2032, exhibiting a compound annual growth rate (of 14.6% during the this period. More than 63 planned and announced FPSO units are expected to start operations globally between 2024 and 2029.
Dyna-Mac's current orderbook stands at $681.3 million as of end-June 2024, with deliveries scheduled through FY2026. The Group’s recent acquisition of Exterran Offshore Pte Ltd has been rebranded as Dyna-Mac Solutions Pte Ltd. Dyna-Mac has secured a JTC lease adjacent to its current facility resulteing expansion of capacity and upgrading of yard facilities. The additional capacity also helps accelerate the group's venture into hydrogen and ammonia production modules fabrication.
