Tiong Woon Corp Holding has posted FY2024 ended June earnings of $18.2 million, 16% higher than the previous year.
Earnings per share for the year was also higher by 16% to 7.85 cents.
The company’s FY2024 revenue was up 5% y-o-y to $143.1 million, mainly due to the increase in contributions from the heavy lift and haulage segment.
Gross profit increased by 9% y-o-y to $59 million, while gross profit margin was up by 1.3 percentage points to 41.2%.
As at June 30, the company has a record strong cash position of $81.1 million. Net assets stood at $309.4 million, translating into a net asset value per share of $1.33.
Tiong Woon plans to increase its dividend by 50% to 1.5 cents per share.
See also: IHH Healthcare’s 3QFY2024 patmi remains flat at RM534 mil
“Our strategy to steer the group towards higher growth by enhancing our heavy lifting capabilities and operational excellence proved effective as demonstrated by the strong results achieved in FY2024. We will continue to navigate challenges, seize opportunities and chart towards a sustainable future,” says Tiong Woon executive chairman Ang Kah Hong.
Shares in Tiong Woon closed 0.5 cent higher or 1% up on Aug 27 at 49.5 cents.
