Tiong Woon posts 50% growth in 2007

Singapore crane rental firm Tiong Woon reached sales of SGD 65.8m (EUR 31.5m), what it called a record sum, in the six months to December 31. The company attributed the performance – up 49% over the same period of 2006 – to its heavy lift and haulage work, whose revenue grew 52% to SGD 44.2m (EUR 21.1m) in the period compared with 2006.

Tiong Woon’s Heavy Lift and Haulage segment brought in SGD 11.4m of profit before tax, up 87% compared with 2006.

Singapore contributed 57% of the group’s turnover, and Thailand took 14%. The remaining fractions were taken from work in Indonesia, the Middle East, Malaysia and the Phillippines.

Saudi Arabia will continue to be one of the company’s key markets, according to Tiong Woon Group chairman Ang Kah Hong. The company’s 100% owned Saudi subsidiary has about 60 cranes, and plans to receive about 100 more in the next two years.

In 2007, Tiong Woon extended its distributorship of IHI crawler cranes and parts to Vietnam, Thailand, Phillippines, Cambodia, Laos and Myanmar, as well as Singapore, Malaysia and Brunei.

The company’s fabrication yard in Bintan, Indonesia, turned in SGD 9.1m. The company bought the yard in November 2006 and landed its first project a year later to build a 25,100t, 46m derrick pipelay barge.

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