On Apr 30, Beng Kuang Marine : BEZ 0% substantial shareholder, Ginko-AGT Global Growth Fund, increased its direct interest in the company to 6 per cent. The fund acquired 210,000 shares at an average price of S$0.18 per share. AGT Partners is a local fund that adopts value-driven strategies, focusing on bottom-up stock picking with an emphasis on long-term growth appreciation.

 

The Ginko-AGT Global Growth Fund emerged as a substantial shareholder of Beng Kuang Marine on Apr 19. On May 2, Beng Kuang Marine released a business update, highlighting that its profit before tax of S$11.3 million in Q1 surpassed the S$10.8 million it registered in FY2023.

 

The Q1 financials were boosted by a one-time gain of S$5.8 million from the partial sale of its Batam property, completed in January. Beng Kuang Marine was placed on the SGX watch list under the financial entry criteria in June 2023.

 

For FY2023, Beng Kuang Marine&rsquo s revenue increased 33.9 per cent year on year to S$79.2 million, mainly driven by the revenue contribution of its two core business divisions, infrastructure engineering and corrosion prevention. These contributed to the group&rsquo s turnaround net profit of S$7.9 million in FY2023.

 

The group said that in recent years, it has embarked on a journey of transformation guided by strategic objectives for cost reduction, exiting loss-making business operations, deleveraging, monetising fixed assets, enhancing its business agility, and expanding its presence in high-potential business segments.

 

Last week, CEO Yong Jiunn Run said that by refocusing the business around its core strengths and streamlining its operations over the past few years, the group has achieved stronger business and operational performance with more cost efficiency.