MAINBOARD-LISTED posted a net profit of S$18.4 million for the second half of FY2023, up 84.7 per cent year on year.

Revenue for the period increased 21.2 per cent to S$202.9 million.

The offshore oil-and-gas contractor said in a regulatory filing on Tuesday (Feb 20) that it had improved its efficiency by intensifying its land use, raising its productivity, and imposing tighter cost controls.

Earnings per share stood at 1.77 Singapore cents for the half-year, up from 0.97 cent a year earlier.

For the full year ended Dec 31, 2023, Dyna-Mac posted a 118 per cent rise in net profit to S$28.5 million. This was an increase from S$13.1 million in the previous corresponding period.

Earnings per share came in at 2.75 cents for FY2023, an increase from 1.27 cents the previous year.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Revenue for the full year rose 32.1 per cent to S$385.2 million, from S$291.5 million the year before. This was mainly due to higher progressive recognition from projects carried out in the year.

Meanwhile, the company’s other income rose 26.6 per cent to S$7.4 million, largely due to higher interest income. However, this was offset partially by a decrease in government grants.

A final dividend of 0.83 Singapore cent per share was declared for FY2023, up from 0.29 cent the year before. The dividend will be paid on May 10 after the books are closed on May 2.

Dyna-Mac fabricates topside modules and structures for the offshore oil-and-gas industry. It said that it is also “actively pursuing near adjacencies”, including liquefied natural gas modules, carbon capture and storage modules, and blue hydrogen modules.

As at December 2023, the group’s order book stood at S$438.2 million, with deliveries planned into FY2025. Dyna-Mac said it has been expanding its yard space to minimise capacity bottlenecks for larger orders.

It added that it plans to diversify its revenue sources through mergers and acquisitions, as well as strategic alliances with industry leaders.

Dyna-Mac’s shares closed flat at S$0.265 on Tuesday, before the results were announced.