Tiong Woon Corp's revenue soared 36% to $200.5m

Bosses revealed winning strategy.

In a release, Tiong Woon Corporation Holding announced its results for the 12 months ended 30 June 2013 (FY2013). Revenue rose 36 per cent to S$200.5 million with net profit attributable to equity holders of the Company of S$17.6 million.

The Board has proposed a final one-tier tax-exempt dividend of 0.4 cent per ordinary share, representing a dividend payout ratio of about 11 per cent based on FY2013 profits, payable in November 2013.

Commenting on the results, Mr Ang Kah Hong, Tiong Woon’s Group Chairman and Managing Director said:

“We are pleased to see the good recovery of our results for FY2013. In view of the Group’s performance, the Board is pleased to propose a final dividend of 0.4 Singapore cent to our shareholders. 

While we witnessed a substantial improvement in revenue across most of our business segments, we have also been working diligently on improving our profitability.

This has been achieved by enhancing our operational efficiency and utilisation of our equipment fleet, and at the same time, securing better-margin projects.” 

Gross profit for FY2013 jumped 81 per cent from S$32.6 million to S$59.1 million with improved Gross profit margin of 29 per cent as compared to 22 per cent recorded in FY2012.

As a result of the improved profits, earnings per share for FY2013 rose significantly to 4.23 Singapore cents as compared to a negative of 0.35 Singapore cent recorded in FY2012.