A consortium that includes Penguin’s executive chairman Jeffrey Hing, managing director James Tham and Singapore-based fund manager Dymon Asia has launched a takeover bid for Penguin International
Offering S$0.65 per share, the consortium plans to take the Singapore-listed vessel owner and builder private if their bid is successful.
A prolific builder of mid-sized crew boats and security boats, Penguin International Ltd has diversified its product range over the last two years, expanding into firefighting boats, patrol boats, ferries and windfarm vessels.
Last year, Penguin delivered Ventus Formosa, a first-of-a-kind crew transfer and accommodation vessel for the Taiwanese offshore windfarm market.
In FY2020, Penguin International delivered 27 new vessels, of which 14 were built for stock and chartering, and 13 were built to order. By comparison, in the previous fiscal year, Penguin delivered 32 new vessels of which 19 were built for stock and chartering and 13 were built to order.
As a result, Penguin’s gross profit decreased S$7.07M (US$5.32M) or 17.4% from S$40.57M in FY2019 to S$33.50M in FY2020. The decrease was due mainly to a lower contribution from shipbuilding and chartering activities over the period, according to filings.
Penguin recorded income tax expense of about S$0.55M in FY2019 and S$2.16M in FY2020. The increase in income tax expense was due mainly to lower research and development tax incentives.
Penguin posted net profit of some S$13.21M in FY2020, compared to a profit of S$19.42M in FY2019.
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