Revenue in 2HFY2023 amounted to approximately $70.7 million, up 83.1% y-o-y on the back of increased demand for engines to build tugboats in Indonesia as well as income recognition based on performance obligation for major contracts during the period.

Cost of sales increased significantly by 99.6% y-o-y to $55.2 million in 2HFY2023. This was in line with the significant increase in revenue.

However, gross profit only increased by 41.4% to $15.5 million as gross profit margin decreased to 21.9% in 2HFY2023. This is due to decreased gross profit margin from its project segment due to increased materials cost as well as shortage of labour.

For the full year, the company recorded revenue of $128.7 million, up 79% y-o-y. Cost of sales increased 93.9% y-o-y to $101.3 million, while gross profit increased by 39.4% to $27.4 million.

A special dividend of 1.25 cents and a final dividend of 0.25 cents have been proposed for its FY2023.

<span class='see_also_inread'><b>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></b></span>

Despite the challenging business environment, XMH believes that it will be able to capitalise on the good performance achieved in FY2023 on the back of a robust order book.

Shares in XMH closed flat on June 27 at 25 cents.

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