Turnover was SGD202.3m (USD140.2m), up 28% on the SGD157.8m (USD109.4m) recorded in the 2008 financial year; gross profit grew 35% from SGD55.8m to SGD75.5m; profit before tax was up 50%, from SGD33.9m to SGD50.8m; and profit after tax and minority interest grew 51%, from SGD28m to SGD42.3m.
TWC said its heavy lift and haulage segment “contributed the lion’s share” to its total turnover, generating SGD130.6m. This was up 32% on the figure generated in 2008 and was due to the increase in integrated projects undertaken by the company in the Asia Pacific region, it said.
TWC added it is “cautiously optimistic” on the near-term outlook for some of this segment’s key markets, particularly oil and gas, petrochemical and power generation, while “in the long-term, the outlook looks bright”. This, it said, was derived from on-going oil and gas activities in Asia and energy-intensive projects across the Middle East.
The fabrication and engineering segment contributed SGD47m to turnover, an increase of 78% on the previous financial year. This included revenue generated by the Bintan Fabrication Yard, and specifically, its SGD64.8m maiden shipbuilding project for Norce Offshore.
Revenue from marine transportation went down 13% year-on-year, due to a decline in utilisation rates and fewer integrated haulage and marine projects, with turnover falling 30% to SGD13.8m.
“We delivered strong growth in earnings and cash flow from operations partly also because of our prudent financial management and internal controls,” said chairman and managing director Ang Kah Hong.
Ang said TWC will now focus on its core business activities, costs and enhanced operational efficiencies to sustain this performance. This includes growth in its heavy lift and haulage segment; providing ship repair services at the Bintan Fabrication Yard, due to their shorter duration, lower working capital outlay requirements and better profit margins; and seeking out business opportunities related to infrastructure, power plants, petrochemicals, and oil and gas in key markets such as China, Thailand, Indonesia, Vietnam, Brunei, India, Malaysia and the Middle East.
“It has been a tough year,” said Ang. “However, with our strong business fundamentals, robust balance sheet, recurring profit and revenue streams and a market reach into many countries, we are confident of not only riding out the global economic downturn but growing even stronger as the market recovers.”
