Revenue increased by $55.0m from $51.4m in the first half year ended 30 June 2020 (“1H2020”) to $106.4m in the half year ended 30 June 2021 (“1H2021”). The increase was mainly due to higher progress achieved for the projects carried out in 1H2021 (as opposed to production stand-down in 2Q2020). Gross profit/(loss) improved from $0.3m gross loss in 1H2020 to gross profit of $11.5m in 1H2021. The gross profit was mainly due to higher recognition of revenue as stated above.
Cash and cash equivalents increased by $37.2m from $46.2m as at 31 December 2020 to $83.4m as at 30 June 2021 mainly derived from higher collection during the period
Notwithstanding the COVID-19 pandemic, the Group has benefitted from the resurgence of the FPSO market, illustrated through the various contracts won for a total amount of S$319m as announced in 1H2021 to date. With the recent fabrication contract award from China Merchants Heavy Industry (Jiangsu) Co. Ltd., the Group is also strengthening its the Project Management Team in China for contract execution. At the same time, the Group continues to explore projects in the green energy space
The Board of Directors of Dyna-Mac Holdings Ltd. (“Dyna-Mac” and together with its subsidiaries, the “Group”) wishes to announce that the Group has collaborated with NUS to secure a grant under the LowCarbon Energy Research Funding Initiative (LCER FI). [Source: 12 Projects Awarded $55 Million to Accelerate Decarbonisation in Singapore (ema.gov.sg)]
This grant is awarded to support the development and demonstration of projects on low-carbon energy technology solutions. The Group will be working closely with NUS as an Industry Collaborator. The project aims to achieve an improved process for methane pyrolysis, i.e. catalytic cracking and separating natural gas/methane into H2 gas and solid carbon.
It examines development of a novel bifunctional catalytic membrane reactor (CMR) process, where ultra pure H2 and highly-ordered carbon nanotubes (CNTs) are co-produced via methane (natural gas) pyrolysis process with zero carbon dioxide (CO2) emission. The potential benefit is that methane pyrolysis is a potential pathway to producing low-carbon H2 in Singapore. The process is currently costly and energy intensive. If successful, this can reduce the cost of H2 production in Singapore whilst producing valuable carbon products at the same time.
The Group is currently pursuing opportunities in the global hydrogen and ammonia market, which is adjacent to its core capabilities. In connection with the above, the Group is looking to tap its modular construction capabilities to the fabrication of hydrogen modules.
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