Yahoo Finance Kim Heng back in the black with FY2022 earnings of $7.4 million
The company plans to pay a dividend of 0.2835 cent
Kim Heng has reported earnings of $2.3 million for 2HFY2022, a swing from losses of $2.2 million reported for 2HFY2021.
This brings full year FY2022 earnings to $7.4 million, versus a loss of $5.9 million for FY2021.
Revenue for the whole of FY2022 was $79.8 million, up 26% over the preceding year ended Dec 31 2021. The bulk of the additional revenue came from Kim Heng's marine construction business, as well as oilfield services. Its renewable energy segment revenue was down 45% to $9.8 million, while its vessel chartering business was steady over FY2021.
The company plans to pay a dividend of 0.2835 cent. No dividend was paid for FY2021.
In its earnings commentary, the company, led by executive chairman and CEO Thomas Tan (picture), says that Kim Heng is optimistic about its offshore business segment.
"The current situation of limited supply of available vessels and rigs, coupled with significantly improved demand for such vessels which is expected to be robust due to a lack of investment in the past several years, translates into greater demand for our services and offshore assets.
"Simultaneously, with high oil prices and tight global supply, the move towards renewables continue unabated. We are therefore also optimistic with this sector of our business," he adds.
Kim Heng shares closed Feb 24 at 9.4 cents, unchanged for the day.
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