Swissco’s net profit more than doubles to S$16.4 million for FY2012
Mainboard-listed Swissco Holdings Limited (“Swissco”), a leading marine service provider for the shipping and offshore Oil and Gas industries announces surge of 100.3% in the Group’s net profit after tax to S$16.4 million for the twelve months ended 31 December 2012, the company reports.
The growth of 69.5% in Group’s revenue to S$110.0 million in FY2012 was contributed by revenue increases in all the three business segments, namely Vessel Chartering, Ship Repair and Maritime Services. Revenue from Vessel Chartering segment grew 12.9% to S$42.0 million due to higher fleet utilization. Ship Repair segment’s revenue increased 43.8% to S$4.6 million due to more and higher value repair and maintenance jobs completed in FY2012.
Maritime Services segment registered the most growth in revenue, with 158.8% jump to S$63.4 million, mainly due to the delivery of vessels and fees earned in FY2012.
With margin improvements in the Vessel Chartering and Maritime Services segments, the Group’s gross profit margin increased from 23.5% in FY2011 to 28.0% in FY2012 and the gross profit jumped 101.9% to S$30.8 million in FY2012.
The Group recorded other gains of S$0.9 million in FY2012 as compared to S$5.8 million in FY2011 because other gains in FY2012 comprised mainly of S
$4.2 million gains on the disposal of vessels (as part of the Group’s fleet renewal program), that was partly offset by loss on the disposal of financial assets available for sale of S$0.7 million and exchange losses of S$2.5 million. Other gains of S$5.8 million recorded in FY2011 comprised mainly of S$4.9 million gains on the disposal of vessels.
The administrative expenses grew at a much lesser pace than the turnover and increased by 39.7% in FY2012 to S$9.4 million, mainly due to increased headcount and higher performance related compensation in line with better performance for FY2012.
Consequently, the net profit after tax for the Group more than doubled (up 100.3%) from S$8.2 million in FY2011 to S$16.4 million in FY2012. This translated to basic earnings per share of 3.78 cents for FY2012 (FY2011: 1.89 cents).
Transferred to the SGX Mainboard since 9 January 2013, Swissco Holdings Limited (“Swissco”) is a leading marine service provider for the shipping and offshore Oil and Gas industries. Swissco owns and operates a young fleet of offshore support vessels, tugs, barges and OPL (Out - Port-Limit) boats. With vessels deployed from ndonesia, Malaysia, and Vietnam to the Middle East, the Group has earned a reputation for providing one of the most comprehensive marine and shipping solutions in a prompt, reliable and efficient manner. The Group enjoys the patronage of a large customer base across a wide spectrum of industries–from shipping to oil and gas and other marine infrastructure industries.