Tiong Woon reports SGD22.5m profit
7 September 2007Tiong Woon has reported full year 2007 post tax profits of SGD22.5m, up 155%, and revenues of SGD99.8m, up 44%.
The group’s heavy lift and haulage segment contributed SGD67.1m (up 29% on last year) to its total turnover, or 67% of total turnover. The growth came mainly from business activities in the Indonesia, Vietnam and the Middle East countries. Marine transport was up 54% to S$15.4m from S$10.0m previously. The firm’s trading division recorded the highest growth, up 144% to SGD17.3m from SGD7.1m, on the back of increased demand for equipment.
The company said it made further headway into regional markets. The most significant growth came from Indonesia and the Middle East, which saw revenues increase to SGD17.1m (up 29%) and SGD17.2m (up 175%) respectively. Apart from Singapore (which contributed S$43.8m or 44% of total revenue) the two markets form the two highest contributors to TWC’s total revenue.
The company said it plans to continue to pursue business in the oil and gas sectors of Asia and the Middle East. It has been awarded a licence to operate a 100% foreign owned entity in Saudi Arabia, and plans to use this as a base for further growth in the region.
A fabrication yard has been acquired in Bintan, Indonesia, and the company plans to use this to generate a new income stream from fabrication and engineering.
It has expanded its distributor agreement with IHI, and will now sell the crawler cranes in Vietnam, Thailand, Cambodia, Laos, Burma and the Philippines.
