SINWA Group sales continue to grow in line with offshore sector growth
10 November 2014
SINWA, Asia Pacific's leading marine supply and logistics company, recently announced further strong sales and profit growth in their third quarter Group results statement.
Revenue for the Group increased 9.2% year-on-year largely due to higher revenue from Group's marine offshore supply business in Singapore and Australia. Accordingly, the Group's gross profit grew 5.2% and net profit 18% respectively year-on-year.
Commenting on the Group's third quarter performance Bruce Rann, Group CEO of Sinwa, said, "Since our refocus on our core marine offshore supply business, we have witnessed growth in our customer base and achieved seven consecutive quarters of steady growth in our sales. Following a well-rounded marketing programme, our subsidiary in Australia saw its customer base widen. The demand for offshore and logistical services in the areas we operate in has resulted in substantially higher contribution from our Australian subsidiary."
With a network of 12 locations in Singapore, Australia and China, serving 100 Asia Pacific ports, Sinwa has continued to grow its market share in the supply of a wide range of equipment and provisions to the marine and offshore industry, as well as providing a full and comprehensive range of shipping agency, logistics, warehousing and related support services. Sinwa are currently seeking to expand its existing operations as well as explore new locations for 2015 to meet the growing demand for supplies and services, recognising the ongoing potential of the strong Asia Pacific markets.
Expanding on the industry's outlook, Bruce Rann continued; "The shipping industry has started to show indications of bottoming out, while the shipbuilding sector is seeing renewed investing activity as shipbuilding activities start to pick up in shipyards around the world. We are optimistic that these signs will lead to higher demand for our marine offshore supplies business. Going forward, we will continue to direct our focus and resources to further grow and expand our existing offshore and marine supply business in Singapore and Australia to capitalise on new opportunities elsewhere in the region."