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RECAP: Powered by Strong Business Drivers, Beng Kuang Group Makes Turnaround with Net Profit of S$7.92 Million in FY2023 Revenue Growth Increased 33.9% to S$79.16 Million with Gross Profit Surging 98.9% to S$24.91 Million
- With part of its turnaround strategy comprising an asset-light and service-oriented business model that is anchored by its two core business divisions, IE and CP, the Group continue to perform resiliently within the offshore and marine market, particularly in the 2H2023 as revenue surged 57.2% to S$47.31 million
- Higher demand for its FPSO and FSO contracting and maintenance services propelled the Group&rsquo s IE growth momentum with organic revenue growth of 85.9% and 47.0% in 2H2023 and FY2023 respectively
- Coupled together with the exit of its loss-making business operations, the Group&rsquo s costs minimisation and productivity measures undertaken in recent years have progressively improved its gross profit margin to 31.5% in FY2023 from 21.2% in FY2022, driving gross profit growth of 98.9% to S$24.91 million in FY2023
- Net cash inflow generated from operating activities was S$5.95 million in FY2023
- During FY2023, the Group announced partial land sales and asset disposals with an aggregate consideration of approximately S$22.5 million in cash as part of its monetisation and deleveraging initiatives
- As compared to the previous corresponding period, the Group&rsquo s cash and cash equivalents increased significantly by 81.6% to S$12.19 million, while total borrowings reduced 36.3% to S$14.14 million as at 31 December 2023.
- In January 2024, the Group completed the final partial land sale of its Batam shipyard property and it has received the remaining amount of the sale consideration of approximately S$7.6 million in cash
- Expects to sustain and build upon this positive business momentum for FY2024 by targeting the emerging growth trends within the offshore and marine industry
Commenting on the Group&rsquo s FY2023 results (ended 31 Dec 2023), Mr Yong Jiunn Run, Chief Executive Officer of Beng Kuang Group, said: &ldquo FY2023 has been a transitional year as our turnaround plan gathers pace on restoring the Group&rsquo s profitability, deleveraging our balance sheet and simplifying our operations with profitable business divisions. The encouraging results to date support our belief that we are on the right track.
Notably, the Group&rsquo s two core business divisions delivered strong underlying performance, particularly our IE business division has been charting an upward growth trajectory serving the FPSOs and FSOs market with repair and maintenance services globally.
With the progress made in recent years, we have emerged with a stronger financial footing and business agility. We will continue to focus our strategic efforts on high-growth business segments with our two core business divisions, while methodically improving our operating efficiencies and asset utilisation rates.
Building on our strong business momentum in 2H2023, we aim to capitalise on emerging growth trends within the offshore and marine industry in FY2024 and develop a new phase for the Group&rsquo s future growth.&rdquo
Beng Kuang Marine: Completion of 2nd partial sale of Batam Land, receives remaining S$7.6 million in cash
The Group had on 24 January 2024 received the remaining amount of the Consideration of approximately S$7.6 million in cash, and accordingly the Proposed Transaction has been completed as of today.
Following completion of both partial disposals of the Group' s shipyard in Batam, the Group' s balance sheet will be boosted by S$18.53 million in cash.
Following completion of the partial disposals of the Group' s shipyard in Batam, the Group' s balance sheet will be boosted by S$18.53 million in cash.
BKM' s CEO, Yong, has also been adding to his stake progressively.
This year marks 30 years since Beng Kuang Marine was founded. The group is currently pursuing a transformation to an asset-light and service-oriented business model, with recurring revenue streams anchored by its infrastructure engineering and corrosion prevention businesses.
As reported in November, the group&rsquo s 9M FY2023 (ended Sep 30) revenue increased 21.4 per cent from 9M FY2022 to S$53.25 million, mainly driven by the revenue contribution of its infrastructure engineering and corrosion prevention business divisions. This was despite negligible revenue contribution from its supply and distribution and shipping business divisions, which are being streamlined and phased out accordingly.
Notably, the group highlighted that its infrastructure engineering business division continued its strong growth performance for 9M FY2023, with a service-centric business model that aims to create new value propositions and recurring income streams within the offshore and marine market.
For its 9M FY2023, the group&rsquo s gross profit increased 115.8 per cent from 9M FY2022 to S$16.03 million, with a net profit of S$2.73 million in 9M FY2023 from its continuing operations, compared to a net loss of S$1.85 million in 9M FY2022.
Yong noted that the group maintained positive organic growth, with its core infrastructure engineering and corrosion-prevention business divisions delivering strong performance, providing good momentum in a turnaround.
He added the group&rsquo s strategy is delivering &ndash demonstrated with the strength of its underlying performance and monetising efforts &ndash and it remains confident that it is well positioned to create high-value growth within the marine and offshore industry.
Maybe CEO adding today?
TraderBen ( Date: 16-Jan-2024 09:38) Posted:
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4.44 not auspicious.. he need to add more
Joelton ( Date: 15-Jan-2024 09:35) Posted:
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Wakeup liao?
Beng Kuang Marine CEO Adds Stake
On Jan 5, Beng Kuang Marine chief executive Yong Jiunn Run acquired 300,000 shares at an average price of S$0.068 per share. With a consideration of S$20,400, this took his direct interest in the company from 4.29 per cent to 4.44 per cent.
His preceding acquisitions in 2023 were on Nov 16, with 200,000 shares acquired at S$0.058 per share on Aug 30, he acquired 250,000 shares at S$0.065 per share and on Jul 4, he picked up 100,000 shares at S$0.07 per share.
Yong&rsquo s responsibilities include making major corporate decisions, developing and steering corporate plans, and implementing business directions and strategies for the group.
This year marks 30 years since Beng Kuang Marine was founded. The group is currently pursuing a transformation to an asset-light and service-oriented business model, with recurring revenue streams anchored by its infrastructure engineering and corrosion prevention businesses.
As reported in November, the group&rsquo s 9M FY2023 (ended Sep 30) revenue increased 21.4 per cent from 9M FY2022 to S$53.25 million, mainly driven by the revenue contribution of its infrastructure engineering and corrosion prevention business divisions. This was despite negligible revenue contribution from its supply and distribution and shipping business divisions, which are being streamlined and phased out accordingly.
Notably, the group highlighted that its infrastructure engineering business division continued its strong growth performance for 9M FY2023, with a service-centric business model that aims to create new value propositions and recurring income streams within the offshore and marine market.
For its 9M FY2023, the group&rsquo s gross profit increased 115.8 per cent from 9M FY2022 to S$16.03 million, with a net profit of S$2.73 million in 9M FY2023 from its continuing operations, compared to a net loss of S$1.85 million in 9M FY2022.
Yong noted that the group maintained positive organic growth, with its core infrastructure engineering and corrosion-prevention business divisions delivering strong performance, providing good momentum in a turnaround.
He added the group&rsquo s strategy is delivering &ndash demonstrated with the strength of its underlying performance and monetising efforts &ndash and it remains confident that it is well positioned to create high-value growth within the marine and offshore industry.
On Dec 21, the group announced it had completed the partial disposal of its shipyard in Batam, and received the remaining amount of the consideration of approximately S$8.9 million in cash. The group is completing the second partial disposal of its shipyard in Batam for an aggregate consideration of S$8.64 million.
Institutions were net buyers of Singapore stocks over the five trading sessions through to Jan 11, with S$166 million of net institutional inflow
On a separate note, INSTITUTIONS were net buyers of Singapore stocks over the five trading sessions through to Jan 11, with S$166 million of net institutional inflow, as 19 primary-listed companies conducted buybacks with a total consideration of S$5.4 million.
CapitaLand Investment : 9CI -0.99% led the consideration tally, buying back 1,072,100 shares at an average price of S$3.00 per share on Jan 10. The company has now bought back a total of 22.47 million shares, or 0.44 per cent of its issued shares excluding treasury shares, under its current mandate. CapitaLand Investment will be reporting its FY2023 results prior to the Feb 28 open.
OUE : LJ3 0% bought back 430,200 shares at an average price of S$1.17 per share, and has now bought back 0.49 per cent of its issued shares excluding treasury shares, under its current mandate.
Leading the net institutional inflow over the five sessions were Oversea-Chinese Banking Corporation : O39 -0.08%, United Overseas Bank : U11 -0.11%, Sats : S58 +0.34%, Yangzijiang Shipbuilding : BS6 0%, DBS Group Holdings : D05 -0.34%, Sembcorp Industries : U96 -0.55%, Singapore Exchange : S68 +0.41%, Hongkong Land : H78 -3.19%, Genting Singapore : G13 -0.99%, and UOL Group : U14 -1.12%.
Meanwhile, Keppel DC Reit : AJBU -0.54%, Singtel, Mapletree Industrial Trust : ME8U -0.8%, Seatrium : S51 +0.89%, Jardine Cycle & Carriage : C07 -0.65%, iFast Corporation : AIY +0.51%, Keppel : BN4 -0.43%, Nanofilm Technologies International : MZH 0%, Lendlease Global Commercial Reit : JYEU 0%, and Dyna-Mac : NO4 -1.69% led the net institutional outflows.
The five trading sessions brought more than 50 changes to director interests and substantial shareholdings filed for over 20 primary-listed stocks. Directors or chief executive officers filed 12 acquisitions and no disposals substantial shareholders filed 10 acquisitions and two disposals.
Beng Kuang Marine: Receipt of final consideration of S$8.9 million in cash for partial sale of land to PT. Bukit Batu Mulia
The Board of Directors (the " Directors" ) of Beng Kuang Marine Limited (the " Company" and, together with its subsidiaries, the " Group" ) refers to the Company' s announcements dated 9 November 2023, 31 October 2023, 13 October, 16 August 2023 and 23 June 2023 under which the Company announced that its wholly owned subsidiary PT. Nexus Engineering Indonesia had on 21 June 2023 entered into a term sheet with PT. Bukit Batu Mulia (the " Purchaser" ) for the sale of 100,970 square metres of land forming part of the Group' s 328,956 square metre waterfront fabrication yard on the eastern side of Batam Island, Kabil for S$9.89 million.
Unless otherwise defined, capitalised terms have the meanings ascribed to them in the Announcements.
The Board wishes to update shareholders that, in accordance with the terms of the Term Sheet, the Seller had on 20 December 2023 received the remaining amount of the Consideration of approximately S$8.9 million in cash, and accordingly the Proposed Transaction between the Seller and the Purchaser&rsquo s Nominee has been completed as of today.
Separately, in April 2023, the Group entered into a conditional land sale & purchase agreement to sell approximately 30% of its Batam shipyard property for S$8.64 million to a subsidiary of Oil States International, a major global provider of integrated energy systems and solutions. Beng Kuang Marine has received the entirety of the Deposit of S$1,036,800 from the Purchaser comprising the Booking Deposit of 4.0% of the Consideration, and an Initial Deposit of 8.0% of the Consideration.
Beng Kuang Marine
On Aug 30, Beng Kuang Marine CEO Yong Jiunn Run acquired 250,000 shares at an average price of S$0.065 per share. With a consideration of S$16,250, this took his direct interest in the company from 4.07 per cent to 4.19 per cent. His preceding acquisition was on Jul 4, with 100,000 shares acquired at S$0.07 per share.
Yong&rsquo s responsibilities include making major corporate decisions, developing and steering corporate plans, and implementing business directions and strategies for the group.
On Aug 11, Beng Kuang Marine reported its H1FY23 (ended Jun 30) revenue increased to S$31.86 million, representing a growth of 9.7 per cent increase from H1FY22.
Yong attributed the result to significant efforts by the teams in implementing the group&rsquo s business strategy to monetise its assets, and with its core infrastructure engineering and corrosion prevention business divisions delivering resilient performance.
$Beng Kuang(BEZ.SI) An interesting addition of independent director. More potential business in the future since he has experience in Ezion.
https://links.sgx.com/1.0.0/corporate-announcements/BZDHM18R12SMAE19/3c6cf0ad1322fc2cd01b13554f7b88728fd7443db5c9ab2f02472929d82d1bbc
Beng Kuang Marine
On Jul 4, Beng Kuang Marine : BEZ +2.9% CEO Yong Jiunn Run acquired 100,000 shares at an average price of S$0.07 per share, taking his direct interest in the company from 4.02 per cent to 4.07 per cent. His preceding acquisition was on Sep 7, 2022, with 2.4 million shares acquired at S$0.053 per share. Yong&rsquo s responsibilities include making major corporate decisions, developing, and steering corporate plans, implement business directions and strategies for the group.
Beng Kuang CEO Adds Stake
FOR the five trading sessions that spanned Jun 30 to Jul 6, the Straits Times Index declined 1.8 per cent while the Hang Seng Index declined 2.0 per cent and the FTSE Bursa Malaysia KLCI gained 0.2 per cent.
Institutions were net sellers of Singapore stocks over the five sessions with S$130 million of net outflow. Singapore Airlines : C6L +1.53%, DBS Group : D05 -0.13%, Jardine Matheson : J36 +1.01%, Oversea-Chinese Banking Corporation : O39 -0.41% and Mapletree Industrial Trust : ME8U -0.91% led the net institutional outflow. Meanwhile Keppel Reit : K71U -1.1%, Seatrium : S51 0%, CapitaLand Ascendas Reit : A17U -1.48%, Jardine Cycle & Carriage : C07 -0.24% and Yangzijiang Shipbuilding : BS6 -0.68% led the institutional inflow.
For the month up to Jul 6, all three Singapore Depository Receipts (SDR) on Thai blue-chip companies continued to attract net buying interest from individual investors. The largest inflows were into CP All : TCPD -0.41%, the exclusive operator of 7-Eleven convenience stores in Thailand, Cambodia, and Laos. Of the SDRs traded on SGX, PTT Exploration & Production : TPED -0.17%, Asean&rsquo s largest listed exploration and production petroleum company, was the best performing with returns of 1.6 per cent for the first four sessions of July, and 5.8 per cent since the close of the first SGX trading day on May 30, 2023.
Share buybacks
There were 17 primary-listed companies conducting share buybacks over the five trading sessions through to Jul 6 with a total consideration of S$12.8 million. United Overseas Bank : U11 -0.4% and UOB-Kay Hian Holdings : U10 +0.71% led the buyback tally, buying back shares at respective average prices of S$27.89 and S$1.40.
Note the table does not include the buyback filings of secondary-listed Comba Telecom Systems Holdings : STC 0% which since Mar 28 has been conducting all its share buybacks on the Hong Kong stock market. These buybacks have seen 36,782,000 shares repurchased for a consideration of HK$55,427,407, at an average price of HK$1.51 per share, as of Jul 6.
Director and substantial shareholder transactions
The five trading sessions saw close to 90 changes to director interests and substantial shareholdings filed for 40 primary-listed stocks. This included 17 company director acquisitions with three disposals filed, while substantial shareholders filed 12 acquisitions and five disposals.
Beng Kuang: After assets sales totalling S$20m over past 6 months, another tugboat is being for S$967,000.
Following the First Tugboat Disposal for S$970,000, the Second Tugboat Disposal is in line with the Group' s strategy to move towards a capital asset-light business model and the Group&rsquo s intention to exit the shipping business, following the discontinuation of its cattle line business.
In addition, the Second Tugboat Disposal marks an opportunity for the Group to reduce its borrowings, reduce interest, improve net current liability position and free up cash for the Group' s other business segments that are generating positive returns and to reduce the risk of potential vessel impairment in view of prevailing market conditions.
On 23 June 2023, Beng Kuang Signs Another Agreement for Partial Sale of its Batam Shipyard Property Approximately One-Third of its Batam Shipyard Property will be Sold for S$9.89 Million
Previously in April 2023, the Group entered into a separate conditional land sale & purchase agreement to sell approximately 90,000 square metres of land of its Batam shipyard property for S$8.64 million
Everyday got something to sell hahaha
the traders bought around 4 cents fully distributed out around 8-10cents.. now dead stock again... those still in.. wait for it to drop
those chased ytd got caught liao.. ytd was distribution?
look for opp to short
Unless it can find more assets to sell haha
TraderBen ( Date: 26-Jun-2023 16:51) Posted:
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DONT LOOK GOOD..
Secret up or down?
TraderBen ( Date: 26-Jun-2023 15:30) Posted:
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some secret code going on. 800 shares every trade..