Dyna-Mac (NO4) investor relations material

Executive summary

• Revenue for 1H2024 rose 42.5% year-over-year to $259.7M, driven by major project completions and improved productivity.

• Net profit surged 280.3% year-over-year to $38.8M, reflecting higher project volume and operational efficiency.

• Maintained a record order book of $681.3M as of 1H2024, supporting future growth.

• Acquisition of Exterran Offshore Pte Ltd expanded fabrication capacity and supports future growth.

• Demonstrated strong project execution and productivity improvements, with zero lost time incidents since 2020.

Financial highlights

• Gross profit jumped 191.3% to $71.7M, with gross margin improving from 13.5% to 27.6% year-over-year.

• Revenue for 1H2024 reached $259.7M, up from $182.3M in 2H2023 and $202.9M in 1H2023.

• Net profit for 1H2024 was $38.8M, a significant increase from $10.2M in 1H2023 and $18.5M in 2H2023.

• Other income more than doubled to $7.6M, mainly from higher interest income and forex gains.

• Administrative expenses rose 66.2% to $29.6M, mainly due to higher staff and share-based payment costs.

Outlook and guidance

• Order book stands at $681.3M as of June 2024, with deliveries through FY2026, reflecting strong market demand.

• Industry trends indicate sustained high investment in FPSO projects, with over $70B greenfield capex expected by 2030.

• FPSO market outlook remains buoyant, with global market projected to grow at 14.6% CAGR through 2032.

• Exploring growth in carbon capture, hydrogen, and ammonia module fabrication to diversify revenue.

• Focus on accelerating yard development, expanding capacity, and leveraging global resources for future growth.