Crane company Tiong Woon Corp Holdings has reported earnings of $11.4 million for FY2022 ended June, up 15% y-o-y. Revenue in the same period was up 9% y-o-y to $122.6 million, driven by the pick up in construction activities.
The company enjoyed a better gross margin of 40.2% for FY2022, versus 37.6% recorded in FY2021, mainly due to better performance in heavy lift and haulage segment.
The company plans to pay a final dividend of 0.35 cent per share, plus a special dividend of 0.15 cent. For the preceding FY2021, it paid 0.4 cent.
The company notes that the operating environment continues to be challenging and uncertain, as rising interest rates, inflationary pressures, ongoing geopolitical tensions, pose disruption risks to the nascent market recovery.
“The group’s priority is to ensure that it has adequate liquidity to sustain its business, manage its cashflow, operating costs and business risks, amid the uncertainties posed by the business environment,” adds Tiong Woon.
Tiong Woon closed at 54 cents on Aug 26, down 0.92%.
