Singapore-headquartered heavy lift specialist and service provider Tiong Woon (TWC) reported revenue of USD163.5 million for the 12 months ended June 30, 2025, a 14 percent year-on-year improvement. Net profit for the financial year increased six percent to at USD19.2 million.
Ang Kah Hong, the firm’s executive chairman, said: “TWC remains dedicated to renewing and expanding our fleet to boost operational efficiency and improve customer satisfaction. These initiatives will help strengthen our competitive advantage and market presence despite ongoing geopolitical and trade uncertainties. We will continue to capitalise on emerging opportunities in Singapore and regional markets.”
The company’s heavy lift and haulage segment saw external revenue increase by 15 percent to USD159.9 million as TWC undertook more heavy lift and installation projects in Singapore, Thailand, Malaysia, the Middle East and Indonesia during the year.
Profit before tax for this segment increased from USD22.7 million in FY2024 to USD23.1 million in FY2025 mainly due to higher revenue and higher other gains partially offset by higher cost of sales (relating to external equipment rental, subcontractor costs, spare parts consumption, direct manpower and other costs) and higher other operating expenses (mainly from higher indirect manpower costs) in FY2025.
Notwithstanding ongoing geopolitical and trade uncertainties, intensifying competition, and a high-cost business environment, TWC said that it maintains a positive outlook. It believes demand for heavy lift and haulage solutions will remain resilient in Singapore and key regional markets such as India, Saudi Arabia and Thailand. The petrochemical, semiconductor, infrastructure, logistics, heavy transport and construction sectors are identified as growth drivers for the company.
In March 2025, TWC Saudi Arabia entered into a frame agreement with Samsung E&A Saudi Arabia.
