Meanwhile, although revenue increased by 28% y-o-y to $102.0 million in FY2023 from $79.8 million in FY2022, cost of sales in FY2023 increased by 33% to $69.1 million from $52.1 million in FY2022.
Kim Heng’s gross profit margin also decreased from 34.7% in FY2022 to 32.3% in FY2023, mainly due to lower profits from its equipment rental segment.
Following the company’s results, a final dividend of 0.21 cents per ordinary share on a one-tier tax-exempt basis for the FY2023 has been recommended for shareholders’ approval at its 2024 annual general meeting, which is to be convened.
Moving forward, the company remains on-track to extend its strategic footprint into renewables offshore market, especially in Asia. Demands for vessels chartering and horizontal directional drilling works are expected to remain strong. Addtionally, the company understands the need to remain agile and respond to any shifts given the geopolitical and economic uncertainties ahead.
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Shares in Kim Hengclosed 0.1 cents lower or 1.23% down at eight cents on Feb 23.
