Chairman's Statement
Dear Shareholders,
We are pleased to report that TWC achieved a strong set of results and continued to improve in terms of both our top and bottom lines for the financial year ended 30 June 2024 (“FY2024”).
Our strategy to steer the Group towards higher growth by enhancing our heavy lift and haulage capabilities as well as operational excellence proved effective. TWC continued to progress up the ranks to emerge as the 15th largest crane-owning company worldwide in the latest IC100 2024 survey, up four positions from being ranked 19th place last year.
Together with our team’s determination to seek continuous improvements and strengthen competencies, we believe that TWC is in a much better position to navigate challenges, seize opportunities and grow our business more sustainably and successfully in the years to come.
Performance Review
The Group’s revenue for FY2024 improved by $7.3 million or 5% to $143.1 million with higher contributions from its Heavy Lift and Haulage segment.
Heavy Lift and Haulage segment remained our largest revenue contributor, accounting for 97% of the Group’s revenue. Geographically, Singapore remained the top revenue driver, accounting for 75% of Group’s revenue or $107.7 million, followed by India which contributed 9% of Group’s revenue or $12.7 million.
Gross profit was higher at $59.0 million in FY2024, as compared to $54.2 million in FY2023 while gross profit margin was slightly higher at approximately 41%.
Amid persistent cost pressures, administrative expenses and other operating expenses increased by $0.2 million and $1.5 million, to $1.6 million and $34.3 million respectively. Interest income earned in FY2024 was higher by $0.6 million while interest expenses reduced by $0.1 million in FY2024.
Notwithstanding the inflationary cost environment, the Group recorded a higher net profit attributable to shareholders of $18.2 million in FY2024, up 16% from $15.7 million in FY2023.
The Group’s shareholders’ funds as at 30 June 2024 stood at $309.3 million, translating to net asset value per share of $1.33. Earnings per share for FY2024 was 7.85 Singapore cents, up 16% from 6.77 Singapore cents in FY2023. The Group’s cash and bank deposits increased by $5.6 million or 7%, from $75.5 million as at 30 June 2023 to a record strong position of $81.1 million as at 30 June 2024.
Changes To The Board
As part of TWC’s ongoing efforts to renew our Board, we would like to welcome our newly appointed non-executive independent directors, Ms Wong Bee Eng and Mr Ding Hock Chai. Both of them were appointed on 1 April 2024.
In line with SGX Transitional Practice Note 4 - Transitional Arrangements Regarding the Tenure Limit for Independent Directors, Mr Wong King Kheng and Mdm Luk Ka Lai Carrie (Mrs Carrie Cheong) will be retiring after the forthcoming Annual General Meeting as Independent Directors of the Company. The Board, Management and staff wish to thank Mr Wong and Mdm Luk for their invaluable contribution and unwavering dedication throughout their tenure with TWC. Their efforts are deeply appreciated.
Dividend
The Board of Directors has proposed a final tax-exempt dividend of 0.60 Singapore cent per share, and a special tax-exempt dividend of 0.90 Singapore cent per share for FY2024. This represents a 50% increase of the total dividend payout from FY2023. The proposed dividend is subject to approval by shareholders at the Annual General Meeting on 30 October 2024.
Note Of Appreciation
On behalf of the Board of Directors, I would like to take this opportunity to express my heartfelt gratitude to shareholders, employees, management, customers, business associates and bankers for your support and confidence in the Group. We will continue to strengthen our market leadership and seize new growth opportunities in Singapore and beyond.
Thank you.
Yours Sincerely,
Mr Ang Kah Hong
Executive Chairman
