Tiong Woon revenue rises 36%

Tiong Woon Corporation Holding Ltd (Tiong Woon) has posted a 36 % rise in revenue to S$200.5 million for the 12 months ended 30 June 2013.

Gross profit for the 2013 fiscal year rose 81 % from S$32.6 million to S$59.1 million with an improved margin of 29 % compared to 22 % for FY2012, the company said.

The Heavy Lift and Haulage division rose 35 % to S$154.4 million, contributing 77 % of revenue and 94 % of profit before tax, a company spokesperson added.

Commenting on the results, Ang Kah Hong, Tiong Woon group chairman and managing director, said, “We are pleased to see the good recovery of our results for fiscal year 2013. In view of the Group’s performance, the Board is pleased to propose a final dividend of 0.4 Singapore cent to our shareholders. While we witnessed a substantial improvement in revenue across most of our business segments, we have also been working diligently on improving our profitability. This has been achieved by enhancing our operational efficiency and utilisation of our equipment fleet and, at the same time, securing better-margin projects.”

As of 30 June 2013, Tiong Woon has a fleet of 427 cranes, 233 vehicles and equipment in haulage assets and 19 tugs and barges in marine assets. The company was listed in the top 20 crane owning companies in the world in the IC50.

“The outlook for the year ahead will continue to be challenging as the world economy is still beset by uncertainties,” Ang added. “As such, we continue to actively pursue business opportunities in ASEAN and the Middle East, focusing on infrastructure development and construction opportunities in the oil and gas and petrochemical industries.”