Crane provided Hiap Tong Corp expects to report FY2023 for the year ended March that will be "significantly" higher versus the preceding FY2022.
"The higher net profit after tax for FY2023 was mainly attributable to new construction projects under the lifting and haulage segment as well as the full resumption of business operations fron the Covidd-19 situation in Singapore and Malaysia during the year," adds the company on May 20.
The company says it expects to report the numbers on or before May 30.
On Dec 6, the company announced that it won a 5-year contract from ExxonMobil to help build a chemical complex here in Singapore.
"Whilst the actual value of the lifting services will depend on the amount and scope of work to be carried out, the Group expects the Contract to have a positive contribution to its earnings and financial performance for the financial year ending March 31 March 2023," the company announced then.
In his unrated note on May 19, CGS-CIMB's William Tng notes that this is the third time ExxonMobil has given Hiap Tong a similar contract, following 2013 and 2018.
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Other notable Hiap Tong customers, says Tng, citing the company's annual report, include Seatrium, Sankyu and GS Engineering and Construction.
Last Nov, the company reported earnings of $5.6 million for its 1HFY2023 ended Sept 30, reversing from a loss of $211,000. Revenue in the same period was up 51.2% y-o-y to $50.6 million.
As at Sept 30 2022, the company's net asset value was 27.71 cents per share
Hiap Tong shares closed May 19 at 9.9 cents, down 4.18% for the day but up 23.75% year to date.
