As at August 28, OKP's net construction order book amounts to $572 million, with contracts extending till 2026.
In 1HFY2023 for the six months to June 30, OKP recorded a net profit of $35.6 million, 29.6 times higher – or 2,899.7% - higher than the earnings of $1.2 million in the same period the year before.
Revenue rose by 30.6% y-o-y to $70.0 million mainly due to higher contribution from the construction and maintenance segments and partly offset by lower rental income. Gross profit, however, fell by 58.6% y-o-y to $2.1 million as cost of sales rose. Gross profit margins also fell by 6.4 percentage points y-o-y to 2.9%.
Other gains surged by 4,395.1% y-o-y to $45.1 million mainly due to higher interest income from higher interest rates from bank deposits, the arbitral award of $43.8 million in relation to the contract 449A worksite incident, as well as a decrease in the loss on foreign exchange (forex) of $0.6 million from the revaluation of assets and liabilities denominated in Australian dollars (AUD) to Singapore dollars (SGD). This was partly offset by lower government grants.
See also: Seatrium wins contract from Golar LNG to upgrade LNG platform
OKP, which last traded at 22 cents, is up 37.5% year to date.
