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Beng Kuang Marine (SGX: BEZ)
Beng Kuang Marine, or BKM, provides engineering services that includes repair and maintenance and the production and supply of customised pedestal cranes and deck equipment.
The group also provides comprehensive corrosion protection services along with project management and consultancy services.
2021 saw the commencement of BKM’s asset-light strategy as the group completed a secondary placement of shares at S$0.09 per share.
By 2023, the group was generated a profit before tax of S$10.8 million on revenue of S$79.2 million, a turnaround from the loss-making years of 2021 and 2022.
BKM reported a sparkling set of earnings for the first nine months of 2024 (9M 2024).
Revenue surged by 62.8% year on year to S$86.7 million while gross profit soared 91.7% year on year to S$30.7 million.
The group’s gross margin improved by 5.3 percentage points to 35.4% for 9M 2024.
Profit before tax shot up fivefold year on year from S$4.16 million to S$20.8 million.
BKM is advancing on its strategy objectives to evolve the business into “BKM 2.0”.
Its key focus areas are strategic partnerships and the development and incubation of new businesses and ventures.
The group will also enhance its core strengths and strive for a capex-light, service-centric model.