Tiong Woon Corporation Holding has reported earnings of $19.2 million for the full year ended June 30, up 6% y-o-y.
The group’s revenue for the full year grew 14% y-o-y to $163.5 million, while gross profit grew 4% y-o-y to $61.4 million. However, gross profit margin declined 3.6 percentage points (ppts) to 37.6%.
The group says that revenue growth is due to the increase in contributions from heavy lift and haulage segment, but the lower gross profit margin was attributed to sales mix of projects undertaken during the year.
The group’s heavy lift and haulage segment external revenue grew 15% y-o-y as the company undertook more heavy lift and installation projects in Singapore, Thailand, Malaysia, Middle East and Indonesia during FY2025.
Its marine transportation segment external revenue remained stable at $2.2 million, while trading segment external revenue decreased to $1.4 million.
The group’s net assets stood at $322.3 million as at June 30, translating to a net asset value per share of $1.39.
See also: Grand Banks Yachts FY2025 earnings down 14.8% y-o-y to $18.2 mil; final divided of 1 cent declared
Tiong Woon says that it maintains a positive outlook, as customer demand for heavy lift and haulage solutions is expected to remain resilient in Singapore and key regional markets such as India, Saudi Arabia and Thailand, particularly in the petrochemical, semiconductor, infrastructure, logistics and heavy transport, as well as construction sectors.
Shares in Tiong Woon closed 1.5 cents lower or 1.899% down at 77.5 cents on Aug 28.
