Baker Technology BTP 0.00%   announced that its earnings for its FY2022 ended Dec 31, 2022, came in at $13.4 million, a 128% increase from $5.89 million in FY2021.

 

This came on the back of revenue growing some 42% y-o-y to $98.5 million from $69.5 million a year ago.

 

For the 2HFY2022 period, earnings were 141% higher y-o-y at $4.28 million, while revenue was 31% higher y-o-y at $51.4 million.

 

The revenue increase for both FY2022 and 2HFY2022 was primarily due to higher fabrication revenue as a result of improved operating conditions. This, along with the absence of loss on disposal of vessels of $4.7 million and $3.8 million recorded in 2HFY2021 and FY2021, respectively, also contributed to the higher earnings in 2HFY2022 and FY2022.

 

However, the earnings growth was partially offset by higher administrative expenses due to allowance for expected credit losses and an increase in payroll expenses, as well as higher foreign exchange losses for the current periods.

 

Baker Technology&rsquo s board has recommended a final cash dividend of 1.0 cent per share.

 

Although the outlook across the marine offshore market (oil and gas as well as renewables) continues to show signs of improvement, inflationary pressures (and related increased interest rates), geopolitical tensions and the threat of recession continue to weigh on the market increasing uncertainty and volatility. To prepare for the unknown, the group says that it will continue to adopt a conservative strategy to adapt to the rapidly evolving environment.

Between Dec 9 and 14, Baker Technology : BTP +0.77% executive director Benety Chang acquired 654,100 shares at an average price of 60.0 cents per share. With a consideration of S$398,342, this increased his total interest in the company from 53.32 per cent to 53.64 per cent. This followed his acquisition of 165,700 shares at 53.2 Singapore cents per share between Nov 28 and 30, and 21,000 shares at 47.0 Singapore cents per share on Nov 8. Dr Chang has extensive experience in the offshore oil and gas industry.

Between Nov 28 and 30, Baker Technology : BTP -1.79% executive director Benety Chang acquired 165,700 shares at an average price of 53.2 cents per share.

 

With a consideration of S$88,076, this increased his total interest in the company from 53.24 per cent to 53.32 per cent.

 

Previously Chang had acquired 21,000 shares at 47.0 cents per share on Nov 8, 301,700 shares at 47.5 cents per share on Aug 23, 115,000 shares at 46.0 cents per share on Aug 12 and 132,000 shares at of 44.9 cents per share on Aug 2.

 

As the major shareholder of the company, Chang has extensive experience in the offshore oil and gas industry.

 

On Nov 8, Baker Technology : BTP +1.05% executive director Benety Chang acquired 21,000 shares at 47 cents per share.

 

With a consideration of S$9,870, this increased his total interest in the company from 53.23 per cent to 53.24 per cent.

 

Chang&rsquo s previous acquisitions included 301,700 shares at 47.5 cents per share on Aug 23, 115,000 shares at 46 cents per share on Aug 12 and 132,000 shares at 44.9 cents per share on Aug 2. He is the major shareholder of the company and has extensive experience in the offshore oil and gas industry.

 

On Aug 23, Baker Technology : BTP 0% executive director Benety Chang acquired 301,700 shares of the company at an average price of 47.5 cents per share. With a consideration of S$143,308, this increased his total interest in the company from 53.08 per cent to 53.23 per cent. Previously he had acquired 115,000 shares at 46.0 cents per share on Aug 12, 132,000 shares at of 44.9 cents per share on Aug 2, and 82,300 shares at 43.9 cents per share on May 4. As the major shareholder of the company, Dr Chang has extensive experience in the offshore oil and gas industry.

 

On Aug 12, Baker Technology : BTP -2.11% executive director Benety Chang acquired 115,000 shares of the company at an average price of 46.0 cents per share.

 

With a consideration of S$52,717, this increased his total interest in the company from 53.02 per cent to 53.08 per cent.

 

Previously he had acquired 132,000 shares at of 44.9 cents per share on Aug 2, 82,300 shares at 43.9 cents per share on May 4, and 279,000 shares at 44.8 cents per share on Mar 9. As the major shareholder of the company, he has extensive experience in the offshore oil and gas industry.

 

On Aug 2, Baker Technology : BTP +1.14% executive director Benety Chang acquired 132,000 shares of the company at an average price of 44.9 cents per share. With a consideration of S$59,275, this increased his total interest in the company from 52.96 per cent to 53.02 per cent.

 

Prior to this he had acquired 82,300 shares at 43.9 cents per share on May 4 and 279,000 shares at 44.8 cents per share on Mar 9.

 

As the major shareholder of the company, Dr Chang has extensive experience in the offshore oil and gas industry.

 

On Jul 29, Baker Technology reported H1 2022 group revenue of S$47.1 million, which represented a 55 per cent increase from H1 2021, primarily due to higher fabrication revenue and charter revenue on improved operating conditions in the marine offshore industry.

 

The group also noted that it benefited from its 54.98 per cent-owned subsidiary, CH Offshore, achieving marginal profits in H1 2022 compared to a net loss in H1 2021 primarily due to better vessel utilisation and higher foreign exchange gains in the current period as the US dollar strengthened by about 3.0 per cent against the Singapore dollar in H1 2022 compared to about 1.7 per cent in H1 2021.

Earnings per share (EPS) for the 1HFY2022 increased to 4.4 cents from 2.0 cents in the 1HFY2021.

Baker Technology has reported earnings of $9.0 million for the 1HFY2022 ended June, 122% higher than the earnings of $4.1 million in the same period the year before.

 

The group&rsquo s net profit for the same period stood at $9.1 million, nearly three times higher than the $3.3 million in net profit logged in the 1HFY2021.

 

The higher net profit was attributable to three factors: the higher margin from chartering and fabrication activities, marginal profits achieved from its 54.98%-owned subsidiary CH Offshore as compared to a net loss in the 1HFY2021, and higher foreign exchange gains.

 

During the period, the US dollar (USD) strengthened by about 3.0% against the Singapore dollar (SGD) compared to the 1.7% gain in the 1HFY2021.

 

Earnings per share (EPS) for the 1HFY2022 increased to 4.4 cents from 2.0 cents in the 1HFY2021.

 

See also: Starhill Global REIT reports 2HFY2022 DPU of 2.02 cents, down 2.4%

 

Revenue for the period increased by 55% y-o-y to $47.1 million primarily due to higher fabrication revenue and charter revenue as a result of improved operating conditions in the marine offshore industry.

 

Cost of sales increased by 35% y-o-y to $29.8 million due to higher administrative expenses. The higher administrative expenses, in turn, were attributable to the higher allowance for expected credit losses, higher payroll costs and the absence of gain on disposal of vessels of $0.9 million recorded in 1HFY2021.

 

On May 4, Baker Technology : BTP -1.11%executive director Benety Chang acquired 82,300 shares of the company at an average price of 43.9 cents per share.

 

With a consideration of S$36,127 this increased his total interest in the from 52.92 per cent to 52.96 per cent.

 

Prior to this he acquired 279,000 shares of the company at an average price of 44.8 cents per share on March 9.

 

He is the major shareholder of the company and has extensive experience in the offshore oil and gas industry.

 

On Mar 9, Baker Technology Baker Technology: BTP +4.65% executive director Benety Chang acquired 279,000 shares of the company at an average price of 44.8 cents per share. With a consideration of S$124,894 this increased his total interest in the manufacturer and provider of specialised marine offshore equipment and services, from 52.78 per cent to 52.92 per cent. He is also an executive director and CEO of CH Offshore.