DYNA-MAC Holdings : NO4 0%, which fabricates topside modules and structures for the offshore oil and gas industry, saw its net profit more than double to S$3.9 million for the first quarter ended Mar 31, 2023, from S$1.9 million in the year before.

This was due to a higher gross profit that was partially offset by higher administrative expenses, the mainboard-listed company said in a business update on Tuesday (May 9).

Revenue for Q1 rose 29.3 per cent to S$87.3 million, from S$67.5 million the year before. The increase was due mainly to higher progressive recognition achieved for the projects carried out during the period.

Earnings per share stood at 0.37 Singapore cent for the quarter, up from 0.19 cent in the preceding year-ago period.

As at Mar 31, the group had a net order book of S$338.1 million, which it hopes to build on this year.

The company’s executive chairman and chief executive Lim Ah Cheng said: “With the current and upcoming workload, Dyna-Mac’s focus will be on executing its projects successfully and delivering value to its customers.”

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The company plans to ramp up production capacities to meet growing demand, and also seeks to expand its yard operations.

Shares of Dyna-Mac last traded on Tuesday at S$0.28, down S$0.02 or 6.7 per cent, before the results were announced.