Still Vested
I have previously covered
Beng Kuang Marine in several articles, and I'm excited to share the latest update on their financials. On August 11, 2023, the company released its six-month financial report, highlighting two crucial points:
(1) Remarkably, the company has achieved a
turnaround and generated a profit without relying on gains from shipyard sales. This outcome exceeded my expectations. The thriving
FPSO and FSO market during the period of high oil prices, surpassing $100 per barrel, undoubtedly contributed to this success.
Source: HY2023 Financials |
As quoted from the press release,
"The Group’s IE continues to be its core revenue generator with revenue growth of 7.5% in 1H2023, with its 51%-owned subsidiary, Asian Sealand Offshore and Marine Pte Ltd (“ASOM”), being the main revenue contributor of IE’s 1H2023 sales as a result of increased business volume from higher demand for FPSO and FSO contracting services...ASOM has diversified its geographical scope of work from South Africa to South America and China......