Beng Kuang Marine Q1 net profit slips 12.7% to $2.8m

The group said margins dipped due to project mix, whilst FPSO work remained its recurring engine.

Beng Kuang Marine’s net profit slips to $2.8m in the first quarter ended 31 March 2026, down 12.7% YoY but up 9.0% from the previous quarter, as revenue improved on higher FPSO work.

Revenue rose 7.7% YoY to $25.7m, and was 20.3% higher than in 4Q 2025. The company said the increase was driven by FPSO work under its Infrastructure Engineering segment.

Profit before tax came in at $3.0m, down 28.1% from a year earlier but up 4.6% QoQ.

Gross profit fell 21.5% YoY to $6.8m, whilst gross profit margin declined to 26.5%. Beng Kuang said margins were lower because more revenue came from shipbuilding and earlier-stage work, which earn less than FPSO services.

As of March 31, the group’s order book stood at $55.9m, with about $51.2m already secured for FY2026 by week 13.

FPSO lifecycle services remained the group’s core business, with about $27.6m secured for FY2026 across 19 vessels in seven countries. Shipbuilding also picked up, with the NEI business holding a $15.8m order book as four projects ramped up at its Batam yard.

The deck equipment and cranes business had an order book of about $12.5m, including $7.8m for FY2026 and $4.7m booked into FY2027 to FY2028.

Corrosion prevention revenue declined to $3.09m, down 9.1% YoY and 20.9% QoQ, as some projects wrapped up. The company said demand from Singapore and Batam customers remained unchanged.

Beng Kuang added that shareholders will consider its proposed acquisition of the remaining stake in ASOM at an extraordinary general meeting in May 2026. The transaction will bring its FPSO operations fully under the group.