- Established in 1974
- Singapore - Korea - China - Malaysia - Vietnam
United Arab Emirates - Azerbaijan - United Kingdom
Financials Results
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Revenue (S$'000)
1H FY2024 vs 1H FY2023
For 6 months ended 30 September 2023 ("1H FY2024"), the Group's revenue was S$40.8 million, representing a decrease of S$7.7million or 15.9% compared to S$48.5 million for the corresponding period ended 30 September 2022 ("1H FY2023"). The revenues segmented by business shows the Energy business contributed revenue of S$22.1 million decreasing 12.2% compared to 1H FY2023. The Marine business contributed revenue of S$18.7 million decreasing 19.9% compared to 1H FY2023. In 1H FY2024, the Energy and Marine business segments contributed 54.2% and 45.8% to the Group’s total revenue respectively.
Gross profit
1H FY2024 vs 1H FY2023
The Group reported gross profit of S$8.7 million in 1H FY2024, representing a 10.3% or S$1.0 million decrease compared to a gross profit of S$9.7 million in 1H FY2023 due to lower revenue. Gross profit margin has improved to 21.3% in 1H FY2024 vs 20% in 1H FY2023 contributed by efficiencies in sourcing better priced products and improvements in direct labour utilization.
Distribution costs
1H FY2024 vs 1H FY2023
Distribution costs decreased to S$4.1 million in 1H FY2024 , representating a decrease of 19.3% or S$1.0 million compared to 1H FY2023 due to reduction in staff costs.
Administrative expenses
1H FY2024 vs 1H FY2023
Administrative expenses of S$9.8 million in 1H FY2024 decreased 7.4% or S$0.8 million compared to 1H FY2023 due to reductions in manpower costs.
Other operating income
1H FY2024 vs 1H FY2023
Other operating income decreased 69.0% to S$0.1 million in 1H FY2024 compared to the S$0.4 million in 1H FY2023. This was mainly due to a recovery of unpaid VAT from customers in the UK.
Other operating expenses
1H FY2024 vs 1H FY2023
Other operating expenses decreased significantly by 93.0% in 1H FY2024 compared to the S$0.7 million in 1H FY2023 due to foreign exchange gains and S$0.3 million in non-recurring consultancy expenses.
Finance cost
1H FY2024 vs 1H FY2023
Finance costs in 1H FY2024 increased by 21.0% compared to 1H FY2023 due to substantially higher interest rates.
Loss for the period
Operating loss before tax for 1H FY2024 stands at S$6.0 million, 14.0% lower than the S$6.9 million reported in 1H FY2023.
Total Comprehensive Income for the period
The total comprehensive loss for 1H FY2024 was S$6.1 million, a decrease of 15.0% or S$1.1m compared to 1H FY2023. The loss in 1H FY2024 is attributed to lower revenues, mitigated by improvements in gross profit margins and lower operating expenses compared to 1H FY2023.
Current assets
Current assets decreased 10.7% (or S$7.4 million) from S$68.8 million as at 31 March 2023 to S$61.4 million as at 30 September 2023. The changes was mainly due to: (i.) a decrease in trade receivables of S$6.1 million, and (ii.) a decrease in inventories by S$3.0 million, (iii) an increase in cash and bank equivalents by S$1.8 million.
Non-current assets
Non-current assets decreased 2.8% (or by S$2.0 million) from S$73.0 million as at 31 March 2023 to S$71.1 million as at 30 September 2023. The decrease was mainly due to: (i.) decrease in Property, plant and equipment of S$1.1 million, (ii.) a decrease in Right-of-Use assets of S$0.7 million, and (iii.) a decrease in Intangible assets of S$0.3 million.
Current liabilities
Current liabilities decreased 6.7% (or by S$2.9 million) from S$42.8 million as at 31 March 2023 to S$39.9 million as at 30 September 2023 due to reductions in trade payables and repayments of bank borrowings.
Non-current liabilities
There were no significant movements in Non-current liabilities as at 31 March 2023 compared to 30 September 2023.
Capital, reserves and non-controlling interests
Shareholders’ equity decreased 6.9% to S$82.9 million in FY2024 from S$89.0 million in FY2023, attributed to the total comprehensive loss incurred in 1H FY2024.
1H FY2024 ended 30 September 2023
The Cash balance of S$8.6 million as at 30 September 2023 increased 25.7% (S$1.8 million) compared to S$6.8 million as at 31 March 2023.
Net cash generated from / (used) in operating activities
Net cash generated from operating activities was S$5.1 million in 1H FY2024, an increase of S$2.3 million compared to S$2.8 million in 1H FY2023 due to significant improvements in customer collections and working capital managaement.
Net cash generated from / (used in) investing activities
Net cash outflow used in investing activities of S$0.8 million in 1H FY2023 was due mainly to S$0.7m of payments for plant and equipment.
et cash generated from / (used in) financing activities
Net cash used in financing activities was S$2.4 million in 1H FY2024 due mainly to loan, interest repayments and lease liabilities.
1H FY2023 ended 30 September 2022
Net cash generated from / (used in) operating activities
Net cash generated from operating activities was S$2.8 million in 1H FY2023, compared to S$4.9 million net cash used in operating activities for 1H FY2022 for an overall net improvement of S$7.7 million.
Operating cash outflow was S$2.4 million to support operating activities in 1H FY2023 before changes in working capital.
Net working capital inflow was S$5.3 million in 1H FY2023. This was mainly due to (i.) a net increased in trade payables, other payables and contract liabilities of S$5.4 million, (ii.) a total decrease in trade receivables, other receivables and contract assets of S$0.8 million due to aggressive collection efforts, offset by the repayment of bank bills amounting to S$0.9 million.
Net cash generated from / (used in) investing activities
Net cash inflow used in investing activities amounted to S$0.1 million in 1H FY2023 mainly due to: (i.) payment for purchase of plant and equipment of S$0.2 million, and (ii) payment for purchase of intangible assets of S$0.1 million, offset by the proceeds from the disposal of plant and equipment of S$0.3 million.
Net cash generated from / (used in) financing activities
Net cash used in financing activities was S$3.2 million in 1H FY2023 mainly due to repayment of bank borrowings and related interest of S$2.5 million plus leased liabilities and related interest of S$1.4 million.
AMOS Group Limited (“AMOS) is a long-established supplier of products and service to marine and offshore customers from facilities operating in Asia, the Middle East, and Europe. The business prospects for AMOS are impacted by shifts in the global trade of goods as well as the development of current and existing energy resources. As a result, the most important metric for AMOS is activity in the marine and offshore industries.
During 2023 there continued to be war in the Ukraine, which unsettled the energy markets and undermined economic prospects in Europe. In addition, the global economy underperformed expectations from most economic experts resulting in less economic activity and less trading of goods than projected last year. The recent outbreak of war in Gaza is creating additional disruptions to the global supply of energy as well as negatively impacting demand of goods from consumers. The overall outlook amongst the core clients of AMOS is for subdued activity which could negatively affect the sales and profit outlook for AMOS in 2H-FY2024.
In preparation for this subdued 2H-FY2024 outlook AMOS is tightening its costs controls and seeking efficiencies in its working capital accounts. AMOS continues to reduce trade receivables and inventory, pay down debt, and drive efficiencies in its supply chain of goods and services to better serve customers. AMOS is also developing new products and services to better serve our traditional customers while striving to onboard new customers.