Despite broader uncertainty, Tiong Woon says it remains “cautiously optimistic” that customer demand for heavy lift and haulage services will remain resilient in Singapore and its other key regional markets.
Companies around the world have acknowledged the challenging business environment created by the recent macroeconomic and geopolitical instability. But as concerns over a slowdown in the global economy in 2023 continue to mount, one of Singapore’s largest crane operators, Tiong Woon Corp (SGX:BQM
) , is poised to hitch its business to the pent-up growth of the construction as well as oil and gas sectors borne of this volatility.
On Feb 14, the integrated heavy lift specialist and service provider reported revenue of $65.9 million in 1HFY2023 ended Dec 31, 2022, up 8% y-o-y on a pick-up in construction activities across the region.
