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Dyna-Mac Holdings (NO4) investor relations material

Dyna-Mac Holdings H1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2024 earnings summary6 Aug, 2024

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.

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Frequently asked questions

Dyna-Mac Holdings Ltd is a Singapore-based engineering and fabrication company specializing in the construction of offshore and marine structures. The company provides modular construction and fabrication services for topside modules, rigs, and other complex structures used in oil and gas exploration and production. Dyna-Mac serves clients in the energy and marine sectors, offering capabilities that include project management, assembly, and testing of high-specification equipment. The company is headquartered in Singapore, and its shares are listed on the Singapore Exchange.

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