Tiong Woon full-year net profit jumps to S$7.6m, proposes final dividend

TIONG Woon Corporation Holding on Monday posted a net profit of S$7.6 million for its financial year to June, more than double the S$2.9 million it posted a year ago. 

The mainboard-listed group has proposed a final dividend of 0.3 Singapore cent per ordinary share, with the date payable to be announced later.  

Full-year revenue was up 6 per cent on the year to S$124.7 million, on the back of better performance across the company's three segments - heavy lift and haulage, marine transportation and trading. 

In particular, the mainstay heavy lift and haulage segment recorded a profit before income tax of S$8.8 million in FY2020, a 97 per cent year-on-year increase. Tiong Woon attributed this mainly to higher turnover, improved performance and higher government grant income. 

Cost of sales for the period was S$81.7 million, similar to the S$82 million a year ago. 

Earnings per share for FY2020 stood at 3.26 Singapore cents, up from 1.27 cents a year ago. 

Tiong Woon said its operating environment continues to be "challenging and uncertain", despite the easing of the Covid-19 lockdown in Singapore and other countries where it operates. 

"The group's priority is to ensure that it has adequate liquidity to sustain its business to ride through this Covid-19 pandemic, while managing its cash flow, operating costs and business risks," it added. 

The group's cash and cash equivalents stood at S$38.5 million as at June 30. 

Shares of Tiong Woon closed unchanged at S$0.39 on Monday before the announcement.