Singapore-headquartered Tiong Woon attributed the strength of its heavy lift and haulage segment for its revenue growth during its financial year 2024.

For the 12 months ended June 30, 2024, Tiong Woon recorded revenue of SGD143.1 million (USD109.5 million), up 5 percent year on year. Gross profit was SGD59 million (USD45.2 million), up 9 percent over financial year 2023. Profit before tax stood at SGD23.2 million (USD17.8 million), up 14 percent over the previous year.

The company’s heavy lift and haulage segment increased its revenue by 6 percent to SGD139.4 million (USD106.7 million) as the unit undertook more heavy lift and installation projects in India, Singapore, Middle East and Thailand.

Profit before tax for this segment increased from SGD18.5 million (USD14.2 million) in FY2023 to SGD22.7 million (USD17.million) in FY2024 mainly due to higher revenue and asset sales. 

“Despite the challenging and volatile business environment marked by geopolitical tensions and uncertainties, conflicts in Europe and the Middle East, challenges in the Chinese economy, persistent cost pressures, the group maintains its positive outlook,” said the company. It said that customer demand for heavy lift and haulage solutions is expected to remain resilient in Singapore, particularly in the petrochemical and construction sectors, as well as in key regional markets such as India, Saudi Arabia, and Thailand.

In December 2023, Tiong Woon formed a strategic alliance with Mammoet Asia Holding as the companies aim to expand their presence in Thailand. Tiong Woon said the move would allow it to enhance its heavy lift and haulage capabilities in the Thai market. Both companies should be in a stronger position to offer, tender, negotiate, and perform projects. To solidify the deal, Tiong Woon has acquired transportation, heavy haulage, and heavy lifting equipment from Mammoet.

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