In FY2023, the company delivered 56 vessels, versus 67 completed in the preceding year.
For the year ended Dec 2023, the company achieved a higher net profit margin of 17%, up from 12.6% in FY2022.
The company plans to pay a final dividend of 6.5 cents, up from 5 cents per share paid for FY2022.
As of Dec 31, Yangzijiang has an order book of US$14.5 billion for 182 ships, which includes contracts for 97 vessels worth US$7.1 billion won in FY2023.
See also: Keppel Pacific Oak US REIT’s 1QFY2025 distributable income falls by 19.3% y-o-y to US$9.6 mil
Yangzijiang flags that a growing number of new orders are for so-called alternative-fuelled vessels, as the shipping industry gets on the sustainability trend in a bigger way.
"Our efforts in enhancing shipyard operational efficiencies and technical capabilities have proven to be a success. This has enabled us to improve our overall mix of products, producing vessels with a higher premium as evident during the period under review," says executive chairman Ren Letian.
"Maritime decarbonisation will remain the key growth driver for the industry in the mid-term. With the tightening of policies being more apparent now, ship operators are accelerating their vessel replacement plans to avoid potential financial impact from non-compliance," says Ren.
See also: Keppel DC REIT reports 1QFY2025 DPU of 2.503 cents, 14.2% higher y-o-y
"With our technical capabilities, Yangzijiang Shipbuilding is well-positioned to ride on this upward trajectory and support the industry’s transition," he adds.
Yangzijiang Shipbuilding shares closed at $1.67 on Feb 27, down 1.18% for the day but up 29.46% over the past 12 months.
