Beng Kuang Marine (BEZ) Q1 2026 TU earnings summary

Executive summary

• 1Q2026 revenue rose YoY as FPSO work in Indonesia drove growth; lower gross profit and margin reflected a higher share of lower-margin, early-stage shipbuilding work.

• Activity is picking up across projects, with shipbuilding ramping up and FPSO services remaining the recurring business base across 19 vessels in 7 countries.

Financial highlights

• Revenue was S$25.7m, up 7.7% YoY and 20.3% QoQ; gross profit was S$6.8m, down 21.5% YoY and 10.7% QoQ.

• PBT was S$3.0m, down 28.1% YoY and up 4.6% QoQ; net profit was S$2.8m, down 12.7% YoY and up 9.0% QoQ.

• FY2025 closed with revenue of S$98.2m and PBT of S$16.5m; 1Q2026 revenue was S$25.7m.

Outlook and guidance

• ~S$51.2m of FY2026 revenue was secured by week 13; total order book was S$55.9m as at 31 March 2026.

• Secured FY2026 work includes ~S$27.6m in FPSO services, S$15.8m in shipbuilding and ~S$7.8m in deck equipment.

• Additional opportunities are expected from West Africa renewals; corrosion prevention is positioned for a second-half pickup as new jobs are secured.