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Financial Statements
Condensed interim financial statements For the six months and full year ended 30 June 2024
Financials Archive
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Condensed interim consolidated statement of profit or loss and other comprehensive income
| Group | |||||||
|---|---|---|---|---|---|---|---|
| 6 months ended | 12 months ended | ||||||
| 30 June 2024 S$'000 |
30 June 2023 S$'000 |
Increase/ (Decrease) % |
30 June 2024 S$'000 |
30 June 2023 S$'000 |
Increase/ (Decrease) % |
||
| Revenue | 67,877 | 69,931 | (3) | 143,132 | 135,815 | 5 | |
| Cost of sales | (41,777) | (44,173) | (5) | (84,157) | (81,665) | 3 | |
| Gross profit | 26,100 | 25,758 | 1 | 58,975 | 54,150 | 9 | |
| Other income | 2,117 | 1,566 | 35 | 3,778 | 3,489 | 8 | |
| Impairment loss on financial assets - net | (440) | (601) | (27) | (586) | (586) | - | |
| Other gains - net | 1,279 | 3,893 | (67) | 858 | 1,272 | (33) | |
| Expenses | |||||||
| - Administrative | (758) | (795) | (5) | (1,638) | (1,419) | 15 | |
| - Other operating | (17,242) | (16,763) | 3 | (34,285) | (32,808) | 5 | |
| - Finance | (1,928) | (2,226) | (13) | (3,864) | (3,951) | (2) | |
| Share of (loss)/profit of associated companies | (41) | (2) | 1950 | (53) | 137 | NM | |
| Profit before income tax | 9,087 | 10,830 | (16) | 23,185 | 20,284 | 14 | |
| Income tax expense | (1,647) | (2,393) | (31) | (4,889) | (4,629) | 6 | |
| Total profit | 7,440 | 8,437 | (12) | 18,296 | 15,655 | 17 | |
| Other comprehensive (loss)/income: | |||||||
| Items that may be subsequently reclassified to profit or loss: | |||||||
| Currency translation differences arising from consolidation | |||||||
| - (Losses)/Gains | (576) | (1,309) | (56) | 98 | (1,911) | 327 | |
| Total comprehensive income | 6,864 | 7,128 | (4) | 18,394 | 13,744 | 34 | |
| Profit/(Loss) attributable to: | |||||||
| Equity holders of the Company | 7,437 | 8,471 | (12) | 18,207 | 15,698 | 16 | |
| Non-controlling interest | 3 | (34) | NM | 89 | (43) | NM | |
| 7,440 | 8,437 | (12) | 18,296 | 15,655 | 17 | ||
| Total comprehensive income/(loss) attributable to: | |||||||
| Equity holders of the Company | 6,861 | 7,160 | (4) | 18,306 | 13,786 | 33 | |
| Non-controlling interest | 3 | (32) | NM | 88 | (42) | NM | |
| 6,864 | 7,128 | (4) | 18,394 | 13,744 | 34 | ||
| Earnings per share attributable to equity holders of the Company | |||||||
| Basic and diluted | 3.21 cents | 3.65 cents | (12) | 7.85 cents | 6.77 cents | 16 | |
| NM: - Not meaningful | |||||||
Condensed interim statements of financial position
| Group | ||
|---|---|---|
| As at 30 June 2024 S$'000 |
As at 30 June 2023 S$'000 |
|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 81,086 | 75,504 |
| Financial assets, at fair value through profit or loss | 211 | 191 |
| Trade and other receivables | 52,952 | 47,189 |
| Tax recoverable | 149 | 80 |
| Inventories | 2,215 | 2,329 |
| Other assets | 2,089 | 2,328 |
| 138,702 | 127,621 | |
| Assets held-for-sale | - | 4,198 |
| 138,702 | 131,819 | |
| Non-current assets | ||
| Other assets | 1,178 | 1,176 |
| Other receivables | - | - |
| Investment in associated companies | 2,974 | 3,018 |
| Investment in subsidiaries | - | - |
| Property, plant and equipment | 363,622 | 342,993 |
| Right-of-use assets | 12,569 | 12,379 |
| Deferred income tax assets | 18 | 128 |
| 380,361 | 359,694 | |
| Total assets | 519,063 | 491,513 |
| LIABILITIES | ||
| Current liabilities | ||
| Trade and other payables | 83,623 | 42,312 |
| Current income tax liabilities | 3,602 | 4,300 |
| Borrowings | 19,668 | 20,768 |
| 106,893 | 67,380 | |
| Non-current liabilities | ||
| Trade and other payables | 586 | 24,221 |
| Borrowings | 73,144 | 78,480 |
| Deferred income tax liabilities | 28,026 | 28,144 |
| Provisions | 1,050 | - |
| 102,806 | 130,845 | |
| Total liabilities | 209,699 | 198,225 |
| NET ASSETS | 309,364 | 293,288 |
| EQUITY | ||
| Capital and reserves attributable to the | ||
| equity holders of the Company | ||
| Share capital | 87,340 | 87,340 |
| Treasury shares | (192) | (192) |
| Other reserves | (2,695) | (2,794) |
| Retained earnings | 224,894 | 209,005 |
| 309,347 | 293,359 | |
| Non-controlling interest | 17 | (71) |
| Total equity | 309,364 | 293,288 |
Review on Group's Financial Results
Full Year ended 30 June 2024 (FY2024) vs Full Year ended 30 June 2023 (FY2023)
| Revenue | FY2024 S$'000 |
FY2023 S$'000 |
Increase/ (Decrease) % |
|---|---|---|---|
| Heavy Lift and Haulage | |||
| - External | 139,422 | 131,685 | 6% |
| - Inter-segment | 415 | 537 | (23%) |
| 139,837 | 132,222 | 6% | |
| Marine Transportation | |||
| - External | 2,153 | 2,852 | (25%) |
| - Inter-segment | 1,821 | 2,209 | (18%) |
| 3,974 | 5,061 | (21%) | |
| Trading | - External | 1,557 | 1,278 | 22% |
| Less: Inter-segment | (2,236) | (2,746) | (19%) |
| 143,132 | 135,815 | 5% |
Revenue was $143.1 million in FY2024, an increase of $7.3 million or 5% from $135.8 million in FY2023. The increase was mainly attributable to the increase in contributions from Heavy Lift and Haulage segment.
Heavy Lift and Haulage segment external revenue increased by $7.7 million or 6% from $131.7 million in FY2023 to $139.4 million in FY2024, mainly due to higher revenue derived from India, Singapore, Middle East and Thailand offset by lower revenue derived from Indonesia.
Marine Transportation segment external revenue decreased by $0.7 million or 25% from $2.9 million in FY2023 to $2.2 million in FY2024, mainly due to fewer chartering jobs.
Trading segment revenue increased by $0.3 million or 22% from $1.3 million in FY2023 to $1.6 million in FY2024, mainly due to higher value equipment accessories sold.
Gross profit was $59.0 million in FY2024, an increase of $4.8 million or 9% from $54.2 million in FY2023, mainly due to higher revenue from Heavy Lift and Haulage segment.
Gross profit margin was slightly higher at 41% in FY2024 as compared to 40% in FY2023, mainly due to higher margins earned by Heavy Lift and Haulage segment and Trading segment.
Other income was $3.8 million in FY2024, an increase of $0.3 million or 8% from $3.5 million in FY2023, mainly due to higher interest income offset by lower government grant and miscellaneous gains.
Impairment loss on financial assets - net was stable at $0.6 million in both FY2024 and FY2023, mainly due to a decrease of $0.3 million in impairment loss on trade receivables offset by a decrease of $0.3 million in recovery of previously impaired trade receivables in FY2024.
Other gains - net was $0.9 million in FY2024, a decrease of $0.4 million or 33% from $1.3 million in FY2023. This was attributable to gain on disposal of property, plant and equipment as well as assets held-for-sale of $2.7 million offset by currency exchange loss of $1.8 million in FY2024, as compared to gain on disposal of property, plant and equipment of $2.7 million offset by currency exchange loss of $1.4 million in FY2023.
Administrative expenses were $1.6 million in FY2024, an increase of $0.2 million or 15% from $1.4 million in FY2023, mainly due to higher professional fees.
Other operating expenses were $34.3 million in FY2024, an increase of $1.5 million or 5% from $32.8 million in FY2023, mainly due to higher manpower costs offset by lower utility charges, and the absence of one-off reinstatement costs on the old industrial premise for its tower crane division in FY2023.
Finance expenses were $3.9 million in FY2024, a decrease of $0.1 million or 2% from $4.0 million in FY2023.
Income tax expense were $4.9 million in FY2024, an increase of $0.3 million or 6% from $4.6 million in FY2023, mainly due to higher tax provision made for current financial year profit.
| Profit/(Loss) Before Income Tax | FY2024 S$'000 |
FY2023 S$'000 |
Increase/ (Decrease) % |
|---|---|---|---|
| Heavy Lift and Haulage | 22,709 | 18,481 | 23% |
| Marine Transportation | 40 | 1,747 | (98%) |
| Trading | 436 | 56 | 679% |
| 23,185 | 20,284 | 14% |
Profit before income tax was $23.2 million in FY2024, an increase of $2.9 million or 14% from $20.3 million in FY2023.
Heavy Lift and Haulage segment profit before income tax was $22.7 million in FY2024, an increase of $4.2 million or 23% from $18.5 million in FY2023. This was mainly due to higher revenue and gain on disposal of property, plant and equipment as well as assets held-for-sale, offset by higher cost of sales and other operating expenses in FY2024.
Marine Transportation segment recorded a profit before income tax of $0.04 million in FY2024, a decrease of $1.7 million or 98% from $1.7 million in FY2023. This was mainly due to lower revenue and lower gain on disposal of property, plant and equipment in FY2024.
Trading segment recorded a profit before income tax of $0.4 million in FY2024, an increase of $0.4 million or 679% from $0.1 million in FY2023, mainly due to higher trading revenue and currency exchange gain in FY2024, as compared to currency exchange loss in FY2023.
Review of Statements of Financial Position and Cash Flows
Cash and cash equivalents per consolidated statement of cash flow increased by $3.7 million from $74.7 million as at 30 June 2023 to $78.3 million as at 30 June 2024. This was mainly due to net cash inflow from operating activities of $39.3 million, offset by net cash outflows from financing and investing activities of $25.4 million and $9.8 million respectively as well as effects of translation $0.4 million. Net cash outflow from financing activities of $25.4 million resulted mainly from repayment of bank borrowings and other secured borrowings of $21.7 million.
Trade and other receivables increased by $5.8 million from $47.2 million as at 30 June 2023 to $53.0 million as at 30 June 2024, mainly due to higher revenue recorded in the current financial year. The increase was also due to higher indirect tax recoverable paid in relation to the importation of equipment into India.
Assets held-for-sale decreased by $4.2 million as at 30 June 2023 to $Nil as at 30 June 2024 due to disposals in the current financial year.
Total trade and other payables (current and non-current) increased by $17.7 million from $66.5 million as at 30 June 2023 to $84.2 million as at 30 June 2024, mainly due to higher outstanding payments for purchases of equipment with favorable credit terms.
Provisions of $1.1 million as at 30 June 2024 pertains to reinstatement costs capitalised to the Group's right-of-use assets.
Current income tax liabilities decreased by $0.7 million from $4.3 million as at 30 June 2023 to $3.6 million as at 30 June 2024, mainly due to income tax paid offset by income tax provision made for the current financial year profit.
Commentary On Current Year Prospects
Despite the challenging and volatile business environment marked by geopolitical tensions and uncertainties, conflicts in Europe and the Middle East, challenges in the Chinese economy, persistent cost pressures, the Group maintains its positive outlook, as customer demand for Heavy Lift and Haulage solutions is expected to remain resilient in Singapore, particularly in the petrochemical and construction sectors, as well as in key regional markets such as India, Saudi Arabia, and Thailand.
The Group will remain vigilant in managing cash flow, operating costs, and potential business risks within the dynamic and uncertain operating environment.
We will continue to actively pursue opportunities that emerge from the requirements for construction and petrochemical investments, leveraging our position as a prominent one-stop integrated heavy lift specialist and service provider in the region.