Hot stock: Dyna-Mac up as much as 11.5% after H1 profit surge
The higher bottom line comes amid the completion of major projects, improved productivity and increase in volume of projects undertaken
SHARES of offshore oil and gas contractor Dyna-Mac gained some ground on Wednesday (Aug 7) after the company reported a 280.3 per cent rise in first-half net profit.
The counter gained 11.5 per cent or S$0.06 to S$0.58 when the market reopened after the midday trading break.
As at 2.19 pm, shares of Dyna-Mac were trading up 8.7 per cent or S$0.045 at S$0.565, with 30.1 million shares having changed hands.
No married deals were recorded in early trade, ShareInvestor data indicated.
Dyna-Mac on Tuesday reported a net profit of S$38.8 million for the first half of 2024, up from S$10.2 million in the previous corresponding period.
The higher bottom line came amid the completion of major projects, improved productivity and increase in volume of projects undertaken, said the company.
Revenue grew 42.5 per cent to S$259.7 million in H1, from S$182.3 million a year ago. The growth was due to the completion of major projects during the first half of the year, it said.
Looking forward, the company is positive on the future growth opportunities for its floating production storage and offloading vessels operations. The operations will be supported by its current order book, which stands at S$681.3 million as at end-June with deliveries scheduled till FY2026, it said.
