Higher utilisation sees revenue rise for Tiong Woon28 August 2013
A higher utilisation rate and an increase in the number of heavy lift and installation projects boosted Singapore-based rental firm Tiong Woon’s yearly results. The heavy lift and haulage division of the company’s revenue rose 35% to SGD154.4m, contributing 77% of revenue and 94% of profit before tax. The firm's total revenue rose 36% to S$200.5m.
Ang Kah Hong, Tiong Woon's group chairman and managing director said: "We are pleased to see the good recovery of our results for FY2013. We have also been working diligently on improving our profitability. This has been achieved by enhancing our operational efficiency and utilisation of our equipment fleet, and at the same time, securing better-margin projects."
Tiong Woon said that it currently has a fleet of 427 cranes in lifting assets, 233 vehicles and equipment in haulage assets.
Describing the outlook for the next financial year the business said that it would focus on jobsites with better margins such as complex projects in the oil and gas and petrochemical sectors. The company went on to say that it would seek to expand its geographical spread and actively pursue business opportunities in Singapore, Malaysia, Thailand and the Middle East. This would be complemented by an effort to forge strategic alliances to bid for projects in China, India and the Middle East. The firm said that it would also continue to invest in specialised equipment with higher capacity.