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Email This Print ThisOperations Review
Extracted from Annual Report 2017

MARINE, OFFSHORE SUPPLY AND LOGISTICS

Marine, offshore supply and logistics business remains the core business of Sinwa. Currently, our geographical presence includes Singapore, the People's Republic of China (including Hong Kong), Thailand and Australia. Amidst a sluggish economic environment, we continue to grow and expand in marine and offshore supply industry by providing our clients with reliable, efficient services and one-stop solutions for all their shipping needs. Our comprehensive suite of services include agency, logistics and warehousing services which go hand in hand with our proven reputation for timeliness, reliability and quality. Through this, we have gained the continuous support from many of our clients, converting them into our long-term customers.

In recent years, we had and will continue to expand our area of operations through leveraging on our established brand name and identifying viable opportunities which add value to our business. In our third year in Thailand, we continue to maintain a strong base working closely with one of our major oil and gas customers. We aim to further capitalise on the resilience in the growing offshore market there.

With a wealth of experience of over 50 years, our marine, offshore supply and logistics business continues to remain the key driver in our revenue growth.

FINANCIAL PERFORMANCE

REVENUE

The Group achieved record revenue growth by 13.4% y-o-y to $172.6 million for FY2017, mainly due to increased sales from the marine offshore supply business in Singapore, Australia and Thailand operations.

MARINE AND OFFSHORE SUPPLY

Marine and Offshore Supply revenue for the Group increased 14% y-o-y from $148.2 million in FY2016 to 169.0 million in FY2017. Revenue from our Agency and logistics decreased 9.8% y-o-y from $3.8 million in FY2016 to $3.5 million in FY2017 with profit for the year from this segment remaining relatively stable at about $0.4 million for FY2017.

PROFITABILITY

Overall gross profit increased 8% to $39.9 million in FY2017 correspondingly with higher revenue.

In FY2017, the Group's trade receivables turnover days rose to 93 as compared to 87 in FY2016. Inventory turnover days are comparable to the previous year. The Group's current ratio was 1.96 times for FY2017 as compared to 2.02 times for FY2016 mainly due to higher receivables and payables. The Group's gearing ratio was 0.04 times as a result of the Group's efforts to maintain a strong balance sheet with a sustainable cashflow from operations.

Group Financial Position 2017 2016
Trade receivables turnover days 93 87
Inventory turnover days 15 14
Current asset/Current liabilities 1.96 2.02
Gearing Ratio (Total Borrowings/Total Equity) 0.04 0.07