Nordic says it was hit by higher financing costs, as well as heftier labour expenses no thanks to project delays.
On the other hand, it enjoyed some gains from one-offs including the write-back of contingent consideration liability from its 2022 acquisition of Starburst Group.
As at Dec 31 2023, Nordic's NAV was 29.4 cents per share, up 6.9% y-o-y.
As at Dec 31 2023, the company's order book was $187.1 million, with $61.6 million from the projects services segment and $125.5 million from its maintenance services segment.
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Nordic warns that higher rates, geopolitical tensions and inflationary pressures globally will continue to pose some near-term headwinds.
With certain large projects completed, it may see some "pressure" on its results in the next 12 months.
The company remains positive over the long-term prospects in the marine, offshore oil and gas, petrochemical, pharmaceutical, infrastructure, semiconductor and security agencies sectors.
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It is optimistic with the contract wins secured to date, the prudent cost and risk management initiatives undertaken, and sees further acquisition opportunities.
Nordic shares last traded at 34 cents.
