For the period, the company’s earnings per share also increased by 89.7% to 37 cents per share, up from 19 cents per share in 1QFY2022.

Revenue increased by $19.8 million from $67.5 million in 1QFY2022 to $87.3 million in 1QFY2023, mainly due to higher progressive recognition achieved for the projects carried out in the first quarter of 2023.

Dyna-Mac’s cost of sales saw a 22.5% increase to $75.6 million for the period.

Gross profit also increased by $5.9 million from $5.7 million in the first quarter last year to $11.6 million in 1QFY2023, thanks to the higher profit margin of 13.3% achieved during the period, up from 8.5% last year.

As at March 31, the company’s cash position had reduced to $122.3 million compared to the $185.4 million recorded on December 31, 2022.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/vicplas-reports-521-lower-profit-after-tax-42-mil-fy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Vicplas reports 52.1% lower profit after tax of $4.2 mil for FY2023</a>

Dyna-Mac says that while the global geopolitical and economic environment remains fragile, offshore oil and gas activities continue to improve and gain momentum.

Says Lim Ah Cheng, executive chairman and CEO: “We are pleased to report that our team continues to deliver an improved set of results for the first quarter of 2023, while navigating the inflationary cost environment and tight manpower situation."

“With the current and upcoming workload, Dyna-Mac’s focus will be on executing our projects successfully and delivering value to our customers,” he adds.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/capital/results/isdn-posts-113-lower-revenue-438-lower-net-profit-1hfy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>ISDN posts 11.3% lower revenue, 43.8% lower net profit for 1HFY2023</a>

Looking forward, the company says that 2023 is shaping up to be a “very busy year” as it ramps up production capacities to meet growing demand. “Our team will continue to meet customers’ requirements by completing projects on schedule, within budget, and meet the high standards of quality, safety and reliability. We will also be looking to expand our yard operations.”

The company has a net order book of $338.1 million as at March 31, and says it is looking forward to further building up its order book over the rest of the year.

On the back of “sound long-term industry fundamentals” for the offshore oil and gas and with its business direction now on a “stable path”, the company has also announced it will only be releasing its half-year and full-year interim financial statements

Shares in Dyna-Mac closed 2 cents of 6.67% down at 28 cents on May 9.

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