Report Summary
Overall: Reports are positive, strong order book and share buyback show a strong balance sheet and management
Operational Performance:
- Delivered Brassavola LNG Bunker Vessel
- Completed 67 repairs and upgrades projects
- Secured an order book of S$25.8 billion, with deliveries extending to 2030
- Established a S$100 million Share Buyback Programme
- Completed share consolidation (20 existing shares into 1) effective May 9, 2024
Financial Highlights:
- Order wins of over S$11.4 billion year-to-date 2024, including FPSO platforms for Petrobras and FPU newbuild for Shell Inc
- Secured a S$400 million Green Revolving Loan Facility to support offshore renewables growth
- Early redemption of S$500 million floating rate bonds due in 2026
Strategic Moves:
- Divested Batangas Yard in the Philippines
- Settlement of US$108 million arbitration fees, with a final settlement of US$68 million booked for FY2024
Future Targets:
- EBITDA of at least S$1 billion or more, ROE of 8% or higher, and net leverage of 2-3 times by FY2028 or earlier
- Focus on cost-saving initiatives, executing the order book efficiently, securing new orders, and maintaining a strong balance sheet
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LC5373 : Y never mention positive ebita as they usually did? I think they still losing money
unfilteredtruths LC5373 : You can't judge a company just solely based off that. A company with improving performance is still good.
LC5373 : If they wrote off everything last year but they still not making money, do you think they are improving? Sorry, just one side of thought from me
BagHolder23 LC5373 : Engineering companies only receive income on achieving project milestones and must fund themselves in between.
So best consider earnings over a 12 month period because a particular quarter might not be reflective of the overall project delivery in that financial year.