Beng Kuang Marine’s revenue down nearly 17% in Q1

Blame it on delays in project execution.

Beng Kuang Marine Limited reported a revenue of $23.89m in the first quarter of 2025, down 16.6% from the previous year.

In a bourse filing, the company said its latest financial results were affected by the timing of its project execution. Gross profit was also down 11.3% to $8.69m.

Declines were also recorded in Beng Kuang Marine’s profit before tax, and earnings before interest, taxes, depreciation, and amortisation. These were down 63.1% to $4.18m, and 58.8% to $5.06m, respectively.

The company expects its momentum to pick up starting in the second quarter.

“Barring unforeseen circumstances, we are seeing a healthy pipeline of projects supporting FPSO [Floating Production, Storage, and Offloading] operations that can potentially increase the number of fleets under our management,” said Beng Kuang Group CEO Yong Jiunn Run, adding that its deck equipment business recently secured a $6.321m (US$4.9m) contract.

“Building on the new ground that we have gained in Brazil and Malaysia, we are actively pursuing opportunities to progress towards our strategic objectives,” Yong said.