Dyna-Mac reports 81.6% y-o-y increase in 2HFY2023 earnings of $18.5 mil, 114% y-o-y increase for the full year

Nicole Lim
2-min read

This higher margin was from better utilisation of capacity, improved productivity and tighter cost control, says Dyna-Mac.

Dyna-Mac Holdings has reported earnings of $18.5 million for the 2HFY2023 ended Dec 31, 2023, an 81.6% y-o-y increase. For the full FY2023, the group recorded an 114% y-o-y increase to $28.7 million.

Dyna-Mac says this higher margin was made possible due to better utilization of capacity by intensifying land use, improved productivity and tighter cost control.
 
The group’s earnings per share rose to 2.5 cents from 1.27 cents in the same period a year before.

For the full year, Dyna-Mac achieved a 32.1% y-o-y growth in its revenue to $385.2 million. The upswing in revenue was mainly attributed to higher progressive recognition from projects executed in the 12MFY2023.

The group’s gross profit increased 58.4% y-o-y to $50.1 million for the quarter, while other income rose 26.6% y-o-y to $7.4 million. This was mainly due to higher interest income, partially offset by a decrease in government grants.

Its cash position reached $216.1 million as compared with $185.4 million during the same period a year ago.

The group’s ebitda increased 64% y-o-y to $27.3 million for the full year. Its return on equity
(ROE) increased from 30.2% in 12MFY2022 to 40.8% in 12MFY2023.

Dyna-Mac says that the outlook for its key business of fabricating topside modules for floating production storage and offloading (FPSO) vessels continues to hold firm.

It says that it is actively pursuing near adjacencies such as liquified natural gas (LNG) modules, carbon capture and storage (CCS) modules, and blue hydrogen modules.

The group’s orderbook of $438.2 million as of Dec 31, 2023, with deliveries into FY2025, showcases the buoyant demand for our FPSO topside modules offerings.

It has also been actively increasing its yard space to ensure minimal capacity bottleneck in its pursuit for bigger orders in the years to come.

Shares in Dyna-Mac Holdings No4 closed flat at 26 cents.

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