Dyna-Mac Holdings has reported earnings of $10.2 million for 1HFY2023 ended June, up 218% y-o-y. Revenue in the same period was up 47% y-o-y to $182.3 million, thanks to higher progressive recognition from projects underway in 1HFY2023.
The bottomline was also helped by higher interest income that contributed to $3.5 million in "other income" booked for the period.
As at June 30, the company holds cash and equivalents of $128.6 million.
Dyna-Mac warns that the global geopolitical and economic environment remains fragile, as it seeks out new opportunities in offshore oil and gas activities.
To prep for further expansion, the company has received a temporary occupation license from JTC for a piece of land along Gul Road.
The new piece of land will provide additional fabrication capacity for current and future projects such as carbon capture and storage as well as hydrogen and ammonia’s exotic piping.
See also: Trump wins Republican nomination, setting up rematch with Biden
“Our team continues to deliver an impressive set of results for 1H2023 amid challenging inflationary cost environment and tight manpower situation," says executive chairman and CEO Lim Ah Cheng.
"We will continue to improve our operational efficiency, building on our established track record and expanding production capabilities to meet growing demand.
"Our focus will be executing our projects successfully and delivering value to our customers," he adds.
Dyna-Mac says it is "encouraged" by the "strong level" of inquiries received for projects in both Singapore and China, suggesting "promising opportunities" down the road.
As at June 30, the company has built up an orderbook of $542.7 million.
Dyna-Mac shares closed at 41 cents on Aug 8, down 1.2% for the day, but up more than 115.8% year to date.
