Baker Technology has reported earnings of $11.9 million for its 1HFY2024 ended June, surging up 189% from $4.1 million recorded in the same period last year.

 

This is due to higher contributions from chartering activities, lower administrative expenses due to absence of allowance for expected credit loss and higher foreign exchange gains as the US dollar strengthened. 

 

Earnings per share for 1HFY2024 stood at 5.9 cents, up 195% compared to the 2 cents in 1HFY2023.

 

Revenue grew 33% y-o-y to $52.4 million, primarily due to higher charter revenue and spare sales. The higher charter revenue was driven by higher vessel utilisation for the company&rsquo s owned vessels and higher contribution from third party managed vessels. 

 

The company&rsquo s cash and cash equivalents increased to $98.3 million as at June 30 from $87.5 million as at Dec 31, 2023, due to better operating cash flows during 1HFY2024.

 

In its outlook, the company notes the ongoing Russia-Ukraine and Israel-Hamas conflicts, which have resulted in wider polarisation and tensions between the US and China, casting a pall on supply chain and energy markets.

 

&ldquo Given the above, the group will continue to be conservative while strengthening its core capabilities and productivity to be poised for growth opportunities,&rdquo it adds.

On May 20, Baker Technology : BTP 0% executive director Benety Chang acquired 114,000 shares at an average price of S$0.58 per share. With a consideration of S$66,046, this increased his total interest in the company from 55.79 per cent to 55.85 per cent.

 

His preceding acquisition was in January 2024, with 50,200 shares purchased at S$0.52 per share and in September 2023, with 67,700 shares bought at S$0.55 per share.

 

Baker Technology, together with its subsidiaries, is a leading manufacturer and provider of specialised marine offshore equipment and services, focused on the oil and gas and renewables sectors.

 

The group reported a decrease of 7 per cent in revenue for FY23 (ended Dec 31) primarily due to lower fabrication revenue that was partially offset by higher chartering revenue in H2FY23.

 

About 69 per cent (41 per cent in FY22) of group revenue was from Asia-Pacific (excluding China and Singapore) as the group&rsquo s liftboat, Blue Titanium, as well as vessels belonging to CHO, a subsidiary of Baker Tech, were mainly deployed in this region.

 

During the year, the group&rsquo s revenue from Europe was reduced from S$24.2 million in FY2022 to S$3.9 million in FY2023 due to lower fabrication revenue. Cash and cash equivalents increased from S$71.5 million as at Dec 31, 2022 to S$87.5 million as at Dec 31, 2023, mainly due to better operating cash flows during FY23. 

 

Dr Chang was director and CEO of Baker Tech since May 5, 2000, and stepped down as CEO in December 2018. He remains an executive director of the company and is its major shareholder. He is also the CEO and executive director of CHO.

 

He has extensive experience in the offshore oil and gas industry, and was the major founding shareholder and CEO of PPL Shipyard until his resignation in July 2012.

 

The current CEO of Baker Technology is his daughter, Jeanette Chang. She was the winner of the Best Chief Executive Officer award at the Singapore Corporate Awards in September 2023, while Baker Technology was the winner of Most Transparent Company Award (Energy) at the Sias Investors&rsquo Choice Awards in 2023.

On Jan 4, Baker Technology : BTP 0% executive director Benety Chang acquired 50,200 shares at an average price of S$0.52 per share. With a consideration of S$26.104, this increased his total interest in the company from 55.77 per cent to 55.79 per cent. His preceding acquisition was on Sep 19, with 67,700 shares acquired at S$0.545 per share.

 

He is the major shareholder of the company and was last re-elected as director on Apr 28, 2023. He was director and chief executive of Baker Technology from May 2000 to December 2018. He has extensive experience in the offshore oil and gas (O& G) industry, and was the major founding shareholder and chief executive of PPL Shipyard until his resignation in July 2012.

 

The principal activities of Baker Technology are investment holdings and the provision of specialised marine offshore equipment and services for the O& G industry.

On Sep 19, Baker Technology : BTP +0.9% executive director Benety Chang acquired 67,700 shares at an average price of S$0.545 per share. With a consideration of S$36,897, this increased his total interest in the company from 55.73 per cent to 55.77 per cent. He is the major shareholder of the company and was last re-elected as director on Apr 28, 2023.

 

He was previously director and CEO of Baker Technology from May 2000 to December 2018. He has extensive experience in the offshore oil and gas industry, and he was the major founding shareholder and CEO of PPL Shipyard until his resignation in July 2012.

 

The principal activities of Baker Technology are investment holding and the provision of specialised marine offshore equipment and services for the oil and gas industry.