VEEM has today reported a 226% increase in NPAT to $4.1m and a 64% increase in EBITDA to $10.0m for FY23. The profit increases were on the back of a 10% increase in revenue to $59.6m.
Cashflow from operations was $6.1m, up 143% on FY22.
VEEM has invested over $9.6 million in capital and development expenditures during FY23 including three new propeller machining centres. These centres have set a new record for propeller sales in May and June 2023.
Beyond the financials, VEEM signed an exclusivity agreement with Strategic Marine, which opens avenues for fast crew boat services in the SE Asian offshore energy sector.
View the presentation here: https://lnkd.in/gYMpSWAf
Read more about VEEM’s results here: https://lnkd.in/g5ZjwCDC
