Triyards delivers strong FY12 results
Newly listed Triyards Holdings has delivered a favourable set of results for the financial year ended 31 August 2012, driven by the completion of a number of sophisticated offshore projects, Seatrade Asia online reports.
The Singapore-listed fabrication and engineering solutions provider to the oil and gas industry posted net profit of $44.1m, an exceptional 421% surge from a year ago. Revenue also soared 223% year-on-year to $366.9m.
“We have set up two well-fitted fabrication yards in Vietnam and acquired the Houston offshore equipment design and fabrication facility. Right now, we are constructing one of the world's most sophisticated subsea construction vessels, the Lewek Construction,” said Wong Bheet Huan, ceo of Triyards.
The company sits on an orderbook amounting to $613.1m in total contract value as at 31 August 2012.
Before its listing on the Singapore Exchange on 18 October, Triyards was wholly-owned by Ezra Holdings. The listing was completed by way of introduction where Triyards shares were distributed to Ezra shareholders through a dividend in specie. Ezra remains the majority shareholder of Triyards after the distribution, holding a 67% stake.