SINWA Group’s focus on core marine and offshore supply business achieves impressive net profit growth
SINWA, Asia Pacific’s leading marine, offshore supply and logistics company, again recently announced yet further strong sales and profit growth in their 2014 year end results.
Revenue for the Group increased 10.7% year-on-year, largely due to higher revenue across the Group’s marine, offshore and logistics divisions. Accordingly, the Group’s gross profit grew 8% and net profit 41% respectively year-on-year, despite a highly competitive marketplace.
Commenting on the Group’s year end performance, Bruce Rann, Group CEO, said “We took a series of strategic actions to streamline our business model and focused on our core strengths of offshore, marine supply and logistics capabilities. The benefit of these actions has translated into a 41% increase in net earnings for FY2014, even as market conditions weakened in the later part of the year. This demonstrates the effectiveness of the long-term vision and strategy of the management.”
With a network of 13 locations in Singapore, Australia, China and recently added Thailand, serving well over 100 Asia Pacific ports, Sinwa has continued to grow its market share in the supply of a wide range of equipment and provisions to the marine and offshore industry, as well as providing a full and comprehensive range of shipping agency, logistics, warehousing and related support services.
Looking to the future, Bruce Rann added; “The over-capacity in the shipping industry and weak demand has depressed freight rates, and the shipping market may not improve in the short term. Also, as a number of offshore projects move from construction to production phase in Australia, and clients become increasingly prudent on their expenditures as oil prices stay low, the offshore business will not be immune from the market downturn either. We will continue to focus on and grow our core marine, offshore supply and logistics business and actively explore further growth opportunities throughout the Asia Pacific region.”
Full financial reporting can be found at http://www.sinwaglobal.com/SinwaGlobal/ir_financials.html