Swiber 1H Profit Climbs (Singapore)

Swiber Holdings Limited , a Singapore-based integrated construction and support services provider to the offshore oil and gas industry, today reported that net profit in the half year ended June 30, 2013 (“HY2013”) rose 11.8% to US$37.4 million from US$33.5 million in the half year ended June 30, 2012 (“HY2012”). Revenue also jumped 30.1% to US$551.8 million in HY2013 from US$424.0 million in HY2012. 

Francis Wong, Group Chief Executive Officer and President of Swiber, “The first half of this year has seen Swiber making strides in several ways. Notably, Swiber won several quality projects amounting to US$570 million to-date. Our recently issued S$150 million 6.5% fixed rate certificates under a newly established sukuk programme was met with warm  investor response; a strong endorsement of our good financial standing. This will provide us  with headroom for further expansion and growth. These achievements demonstrate Swiber’s  strong fundamentals and innovative streak, which will continue to be Swiber’s competitive  edge at project tenders at regional and international arenas.” 

Other Performance Review
In line with the higher revenue of US$551.8 million, gross profit climbed 22.4% to US$87.0  million in HY2013. Gross profit margin held steady at 15.8% in HY2013.  Share of profit of associates rose 57.3% from US$6.6 million in HY2012 to US$10.4 million in  HY2013. Other operating income also surged by 63.1% to US$14.9 million in HY2013. With the  rise in business activities, administrative expenses, other operating expenses and finance  expenses also increased. Notwithstanding the above, net profit rose 11.8% to US$37.4 million  in HY2013.
Swiber’s basic earnings per share, based on its HY2013 results maintained at 4.0 US cents, while net asset value per share rose to 84.4 US cents as at June 30, 2013, from 79.3 US cents as at 31  December 2012.