Nordic Group has reported record revenue of $162.8 million for FY2022, with both organic and inorganic growth chipping in.
In the previous FY2021, the company recorded revenue of $103.1 million.
The company, led by executive chairman Chang Yeh Hong (picture) enjoyed revenue contribution from newly acquired shooting range maker Starburst; its existing businesses of project and maintenance services increased as well.
For the year ended Dec 31 2022, earnings increased by 50% over FY2021 to $20.9 million.
For 2HFY2022, earnings increased by 52% y-o-y to $9.2 million; revenue was up 54% y-o-y to $83 million.
Nordic plans to pay a final dividend of 0.906 cents per share, bringing full-year payout to 2.068 cents, up a-fifth over what was paid for FY2021.
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As at Dec 31 2022, the company's order book reached $232.5 million, to be delivered up till 2025.
Nordic believes that high interest rates, inflationary pressures and uncertain geopolitics in the near term might be neutralised by China's re-opening, driving more activities in its energy and marine industry, where many of its existing customers are from.
The company is "optimistic" about the current FY2023, given its robust order book, continuous contributions from its new acquisitions, favourable outlook in the O&G sector, as well as prudent cost and risk management mechanism in place.
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"Nordic will continue to be on the lookout for further merger and acquisition and other expansion opportunities as it looks to deliver greater value to its shareholders in the long run," the company adds.
Nordic shares last traded at 50 cents. The share price has gained 25% over the past year.
