#SYGROUP

- Revenue was slightly lower than last quarter 🔻, but profit declined by about 50% 🔻🔻

- The decline in revenue was mainly due to a decline in revenue from the shipping business this quarter, while the decline in profit was due to a decline in shipping freight rates and volume in the bulk carrier and container business.

- Management revealed that the Group's shipping industry performance is largely dependent on fluctuations in world fuel market prices, the skill and experience level of crew members, domestic and regional demand for bulk and grocery transportation, the Malaysian ringgit exchange rate, and the state of the world economy. Despite recent stable crude oil prices and a decline in the Baltic Dry Index index, the outlook for the shipping industry remains challenging.

- With the gradual recovery of chartering rates for the offshore work vessel (OSV) segment, the existing gap in new shipbuilding orders of various types of OSVs over the past few years, and the dismantling of aging OSVs, SYGROUP expects a steady and healthy increase in supplementary OSV orders over the next few years.