Tiong Woon Corp reported FY20 earnings of $7.5 million, up 159% from FY19’s earnings of $2.9 million.
Earnings per share (EPS) for the FY20 ended June stood at 3.26 cents from the 1.27 cents in FY19.
Revenue grew 6% y-o-y to $124.7 million due to an increase in the company’s marine transportation and trading segments.
Revenue for marine transportation rose 22% y-o-y to $6.2 million, mainly due to more chartering jobs.
Revenue for trading grew 18% y-o-y to $7.4 million due to more equipment sold during the FY.
As a result, gross profit rose 22% y-o-y to $43.0 million while gross profit margin rose 4.5 percentage points to 34.5% for FY20.
Other income rose 431% y-o-y to $3.8 million mainly due to government grant incomes such as the Jobs Support Scheme, which contributed some $1.9 million, and foreign worker levy rebates of about $0.6 million.
Insurance claims received and interest income were also higher in FY20.
The company recorded a net gain of $0.3 million in FY20 compared to a $0.5 million loss the year before mainly due to operational exchange gain of $0.2 million and gain on disposal of plant and equipment of $0.2 million in FY2020, as compared to operational exchange loss of $0.8 million offset by gain on disposal of plant and equipment of S$0.4 million in FY19.
As at June 30, cash and cash equivalents stood at $38.5 million.
The board has proposed a final dividend of 0.3 cent per ordinary share.
Shares in Tiong Woon closed flat at 39 cents on August 24.
