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Financial Statements
Condensed interim financial statements For the six months ended 31 December 2024
Financials Archive
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Condensed interim consolidated statement of profit or loss and other comprehensive income
| Group | ||||||
|---|---|---|---|---|---|---|
| 6 months ended | ||||||
| 31 December 2024 S$'000 |
31 December
2023 S$'000 |
Increase/ (Decrease) % |
||||
| Revenue | 78,781 | 75,255 | 5 | |||
| Cost of sales | (48,433) | (42,380) | 14 | |||
| Gross profit | 30,348 | 32,875 | (8) | |||
| Other income | 2,681 | 1,661 | 61 | |||
| Impairment written back/(loss) on financial assets - net | 353 | (146) | NM | |||
| Other gains/(losses) - net | 3,468 | (421) | NM | |||
| Expenses | ||||||
| - Administrative | (866) | (880) | (2) | |||
| - Other operating | (18,912) | (17,043) | 11 | |||
| - Finance | (2,072) | (1,936) | 7 | |||
| Share of results of associated companies | 262 | (12) | NM | |||
| Profit before income tax | 15,262 | 14,098 | 8 | |||
| Income tax expense | (3,205) | (3,242) | (1) | |||
| Total profit | 12,057 | 10,856 | 11 | |||
| Other comprehensive income/(loss): | ||||||
| Items that may be subsequently reclassified to profit or loss: | ||||||
| Currency translation differences arising from consolidation | 461 | 674 | (32) | |||
| Total comprehensive income | 12,518 | 11,530 | 9 | |||
| Profit attributable to: | ||||||
| Equity holders of the Company | 12,057 | 10,770 | 12 | |||
| Non-controlling interest | - | 86 | (100) | |||
| 12,057 | 10,856 | 11 | ||||
| Total comprehensive income attributable to: | ||||||
| Equity holders of the Company | 12,518 | 11,445 | 9 | |||
| Non-controlling interest | - | 85 | (100) | |||
| 12,518 | 11,530 | 9 | ||||
| Earnings per share attributable to equity holders of the Company | ||||||
| - Basic and diluted (SGD in cent) | 5.20 | 4.65 | 12 | |||
| NM: Not meaningful | ||||||
Condensed interim statements of financial position
| Group | ||
|---|---|---|
| As at 31 December 2024 S$'000 |
As at 30 June 2024 S$'000 |
|
| ASSETS | ||
| Current assets | ||
| Cash and bank deposits | 72,293 | 81,086 |
| Financial assets, at fair value through profit or loss | 261 | 211 |
| Trade and other receivables | 58,579 | 52,952 |
| Tax recoverable | 317 | 149 |
| Inventories | 2,335 | 2,215 |
| Other assets | 3,457 | 2,089 |
| 137,242 | 138,702 | |
| Non-current assets | ||
| Other assets | 1,183 | 1,178 |
| Other receivables | - | - |
| Investments in associated companies | 3,249 | 2,974 |
| Investments in subsidiaries | - | - |
| Property, plant and equipment | 386,039 | 363,622 |
| Right-of-use assets | 12,133 | 12,569 |
| Deferred income tax assets | 149 | 18 |
| 402,753 | 380,361 | |
| Total assets | 539,995 | 519,063 |
| LIABILITIES | ||
| Current liabilities | ||
| Trade and other payables | 69,820 | 83,623 |
| Current income tax liabilities | 4,136 | 3,602 |
| Borrowings | 21,090 | 19,668 |
| 95,046 | 106,893 | |
| Non-current liabilities | ||
| Trade and other payables | 9,794 | 586 |
| Borrowings | 86,992 | 73,144 |
| Deferred income tax liabilities | 28,709 | 28,026 |
| Provisions | 1,050 | 1,050 |
| 126,545 | 102,806 | |
| Total liabilities | 221,591 | 209,699 |
| NET ASSETS | 318,404 | 309,364 |
| EQUITY | ||
| Capital and reserves attributable to the equity | ||
| holders of the Company | ||
| Share capital | 87,340 | 87,340 |
| Treasury shares | (192) | (192) |
| Other reserves | (2,234) | (2,695) |
| Retained earnings | 233,473 | 224,894 |
| 318,387 | 309,347 | |
| Non-controlling interest | 17 | 17 |
| Total equity | 318,404 | 309,364 |
Review on Group's Financial Results
6 Months ended 31 December 2024 (1HFY2025) vs 6 Months ended 31 December 2023 (1HFY2024)
| Revenue | 1HFY2025 S$'000 |
1HFY2024 S$'000 |
Increase/ (Decrease) % |
|---|---|---|---|
| Heavy Lift and Haulage | |||
| - External | 76,899 | 73,571 | 5% |
| - Inter-segment | 173 | 198 | (13%) |
| 77,072 | 73,769 | 4% | |
| Marine Transportation | |||
| - External | 932 | 1,155 | (19%) |
| - Inter-segment | 1,639 | 1,154 | 42% |
| 2,571 | 2,309 | 11% | |
| Trading | - External | 950 | 529 | 80% |
| Less: Inter-segment | (1,812) | (1,352) | 34% |
| 78,781 | 75,255 | 5% |
Revenue was $78.8 million in 1HFY2025, an increase of $3.5 million or 5% from $75.3 million in 1HFY2024. The increase was mainly attributable to the increase in contributions from Heavy Lift and Haulage as well as Trading segments.
Heavy Lift and Haulage segment external revenue increased by $3.3 million or 5% from $73.6 million in 1HFY2024 to $76.9 million in 1HFY2025, mainly due to higher revenue derived from Malaysia, Middle East, Singapore and Indonesia offset by lower revenue derived from Brunei.
Marine Transportation segment external revenue decreased by $0.2 million or 19% from $1.2 million in 1HFY2024 to $0.9 million in 1HFY2025, mainly due to fewer chartering jobs.
Trading segment revenue increased by $0.4 million or 80% from $0.5 million in 1HFY2024 to $1.0 million in 1HFY2025, mainly due to more trading equipment sold.
Gross profit was $30.3 million in 1HFY2025, a decrease of $2.5 million or 8% from $32.9 million in 1HFY2024, mainly due to external equipment rental, manpower and other costs outpacing revenue growth for Heavy Lift and Haulage segment.
Gross profit margin was lower at 39% in 1HFY2025 as compared to 44% in 1HFY2024, mainly due to lower margins earned by Heavy Lift and Haulage segment.
Other income was $2.7 million in 1HFY2025, an increase of $1.0 million or 61% from $1.7 million in 1HFY2024, mainly due to higher miscellaneous gains and interest income.
Impairment written back/(loss) on financial assets - net was a write back of $0.4 million in 1HFY2025 as compared to a loss of $0.1 million in 1HFY2024, mainly due to higher recovery of previously impaired trade receivables offset by impairment loss on trade and other receivables.
Other gains/(losses) - net recorded gains of $3.5 million in 1HFY2025 as compared to losses of $0.4 million in 1HFY2024. This was attributable to gain on disposal of property, plant and equipment of $1.8 million and currency exchange gain of $1.6 million in 1HFY2025, as compared to currency exchange loss of $2.4 million offset by gain on disposal of property, plant and equipment as well as assets held-for-sale of $2.0 million in 1HFY2024.
Other operating expenses were $18.9 million in 1HFY2025, an increase of $1.9 million or 11% from $17.0 million in 1HFY2024, mainly due to higher manpower costs.
Share of results of associated companies was a profit of $0.3 million in 1HFY2025, as compared to a loss of $0.01 million in 1HFY2024, mainly due to higher share of profit contributed by ASB Maritime Resources (L) Ltd and Asian Supply Base Maritime Resources Sdn Bhd.
| Profit/(Loss) Before Tax | 1HFY2025 S$'000 |
1HFY2024 S$'000 |
Increase/ (Decrease) % |
|---|---|---|---|
| Heavy Lift and Haulage | 14,14 | 13,755 | 3% |
| Marine Transportation | 947 | 312 | 204% |
| Trading | 170 | 31 | 448% |
| 15,262 | 14,098 | 8% |
Profit before income tax was $15.3 million in 1HFY2025, an increase of $1.2 million or 8% from $14.1 million in 1HFY2024.
Heavy Lift and Haulage segment profit before income tax was $14.1 million in 1HFY2025, an increase of $0.4 million or 3% from $13.8 million in 1HFY2024. This was mainly due to higher other gains and other income as well as higher revenue offset by higher cost of sales (relating to external equipment rental, manpower and other costs) and higher other operating expenses in 1HFY2025.
Marine Transportation segment recorded a profit before income tax of $0.9 million in 1HFY2025, an increase of $0.6 million or 204% from $0.3 million in 1HFY2024. This was mainly due to higher external and inter-segment revenue as well as higher share of results of associated companies in 1HFY2025.
Trading segment profit before income tax was $0.17 million in 1HFY2025, an increase of $0.14 million or 448% from $0.03 million in 1HFY2024, mainly due to higher trading revenue and higher other gains in 1HFY2025.
Review of Statements of Financial Position and Cash Flows
Cash and cash equivalents per consolidated statement of cash flows decreased by $8.7 million from $79.2 million as at 30 June 2024 to $70.5 million as at 31 December 2024 mainly due to net cash outflows from financing activities and investing activities of $19.1 million and $8.2 million respectively. This was offset by net cash inflow from operating activities of $18.5 million as well as effects of translation of $0.1 million. Net cash outflow from financing activities of $19.1 million resulted mainly from repayments of bank borrowings and other secured borrowings of $13.2 million, as well as dividends paid to equity holders of the Company of $3.5 million.
Trade and other receivables increased by $5.6 million from $53.0 million as at 30 June 2024 to $58.6 million as at 31 December 2024, mainly due to higher revenue recorded in 1HFY2025.
Other assets (current and non-current) increased by $1.4 million from $3.3 million as at 30 June 2024 to $4.6 million as at 31 December 2024, mainly due to the increase in prepayments for insurance premium.
Property, plant and equipment increased by $22.4 million from $363.6 million as at 30 June 2024 to $386.0 million as at 31 December 2024, mainly due to additions of $42.9 million and exchange differences of $1.9 million offset by depreciation charge of $16.7 million and disposals of $5.7 million.
Total trade and other payables (current and non-current) decreased by $4.6 million from $84.2 million as at 30 June 2024 to $79.6 million as at 31 December 2024, mainly due to payments made on equipment purchased.
Borrowings (current and non-current) increased by $15.3 million from $92.8 million as at 30 June 2024 to $108.1 million as at 31 December 2024, mainly due to increase in other secured borrowings of $19.7 million (financing obtained to pay for equipment purchased less repayments) offset by decrease in bank borrowings of $4.1 million and lease liabilities of $0.3 million.
Current income tax liabilities increased by $0.5 million from $3.6 million as at 30 June 2024 to $4.1 million as at 31 December 2024, mainly due to income tax provision made for the current financial period profit offset by income tax paid.
Commentary On Current Year Prospects
Despite geopolitical and policy uncertainties, intensifying competition, coupled with a high-cost business environment in Singapore and regional markets, 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, semiconductor, infrastructure and construction sectors, as well as in key regional markets such as India, Saudi Arabia, Thailand and Malaysia.
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.