The group says that the improved performance is attributed to higher revenue from increased volume of maintenance activities carried out in FY2024, as well as prudence in cost control with reduction of administrative expenses.
The group’s cash and cash equivalents for the full year stood at $14.3 million.
After the completion of its debt restructuring exercise in February this year, Hiap Seng announced that it is in a debt free position.
The group’s net asset position stands at $19.6 million.
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Looking ahead, the group says that it is cautiously optimistic on prospects over the near to medium term and will focus on taking necessary initiatives to buffer against a challenging oil & gas market.
Short-term demand will remain soft amid economic uncertainty and geopolitical tensions, but the group aims to remain agile and diversify beyond oil & gas.
Shares in Hiap Seng closed 0.1 cent higher or 33.3% up at 0.4 cents.
