Heavy lift provider Tiong Woon Corporation BQM Holding BQM has reported earnings of $10.8 million for the 1HFY2024 ended Dec 31, 2023, up 49% compared to its earnings of $7.2 million for the corresponding period last year.
Earnings per share for 1HFY2024 increased to 4.65 cents from 3.12 cents in 1HFY2023
Revenue for the half-year period also grew 14% y-o-y to $75.3 million from an increase in contributions from the company’s heavy lift and haulage segment.
Gross profit was $32.9 million in 1HFY2024, an increase of $4.5 million or 16% y-o-y, while gross profit margin (GPM) increased 0.8 percentage points to 43.7%.
As at Dec 31, 2023, cash and cash equivalents stood at $58.9 million.
The company’s net assets value stood at $320.5 million as at the same date, representing a net asset value per share of $1.30.
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“With our unwavering dedication to emphasising our core strengths to provide high quality, dependable services and solutions to our customers, alongside our ongoing initiatives in fleet upgrading and renewal, we are poised to seize fresh market opportunities and enhance our ability to cater to the heavy lift and haulage requirements of our customers in the region,” says executive chairman Ang Kah Hong.
Tiong Woon says that the business environment continues to be uncertain, amid the confluence of ongoing geopolitical tensions, military conflicts, ensuing supply chain disruptions, a busy political calendar, challenges in the Chinese economy, still-high interest rates, as well as persistent cost pressures.
Shares in Tiong Woon closed unchanged at 50 cents on Feb 14.
