- Beng Kuang Marine (SGX:BEZ)’s 1H24 revenue increased 88% y-o-y to S$59.9m. PATMI also surged, to S$8.38m from a loss a year ago. The profit includes a one-off gain of S$5.53m from the second partial land sale in 1H24.
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Robust FPSO-related activities boost 1H24 revenue
- Beng Kuang Marine’s 1H24 revenue surged 88% y-o-y to S$59.5m, mainly due to the strong performance by its 51%-owned subsidiary Asian Sealand Offshore & Marine (ASOM), which boosted infrastructure engineering (IE)’s organic revenue by 142% y-o-y in 1H24.
- We expect 2H24E to likely replicate or perform even better than 1H24 due to the robust tailwind in the Floating production storage and offloading (FPSO) sector. However, much higher than expected admin expenses hampered operating margins but we believe this will improve going forward.
Bonus warrants of 3 for every 10 shares held
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Upside capped due to dilution
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