Announcement • Jun 10
MTQ Corporation Limited Announces Cessation of Asif Salim Vorajee as Group Chief Executive Officer MTQ Corporation Limited announced the cessation of Mr. Asif Salim Vorajee as Group Chief Executive Officer. Mr. Vorajee, aged 41, resigned due to personal reasons and his employment with the Group ceased with effect from June 8, 2026. Mr. Vorajee was accountable to the Board for the overall performance of the Group's business operations and strategic planning. Mr. Vorajee was appointed to his current position on July 1, 2024. Following the cessation of Mr. Vorajee's employment, Mr. Kuah Kok Kim assumed the responsibilities and functions of the Group Chief Executive Officer while maintaining his role as an Executive Chairman. Mr. Asif Salim Vorajee's List of Present Directorships: 1. Director of MTQ Engineering Pte Ltd, 2. Director of MTQ Distribution Pte Ltd, 3. Director of Premier Estate Private Limited, 4. Director of Blossomvale Investments Pte Ltd, 5. Director of Mid-Continent Distribution Pte Ltd, 6. Director of MTQ Binder Holdings Pte Ltd, 7. Director of In-Line Valve Company Limited, 8. Director of MTQ Oilfield Services W.L.L., 9. Director of MTQ Engineering L.L.C and 10. Director of MTQ Oil and Gas Facilities Services L.L.C. Reported Earnings • Nov 11
First half 2026 earnings released: S$0.013 loss per share (vs S$0.01 profit in 1H 2025) First half 2026 results: S$0.013 loss per share (down from S$0.01 profit in 1H 2025). Revenue: S$23.0m (down 38% from 1H 2025). Net loss: S$2.87m (down 230% from profit in 1H 2025). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Oct 20
MTQ Corporation Limited Provides Consolidated Earning Guidance for the Six Months Ended 30 September 2025 MTQ Corporation Limited provided consolidated earning guidance for the six months ended 30 September 2025. For the period, the Group anticipates to record a net loss for the first half of 2026. This is mainly attributable to weaker performance from the Bahrain segment, reflecting continued market softness and volatility in Saudi Arabia and Bahrain. In addition, higher pre-operating expenses related to the Group's new UAE operations, in line with the ramp-up of activities, have also weighed on the Group's performance. The facility is progressing well, with initial orders secured and further commercial discussions ongoing. Barring unforeseen circumstances, the UAE segment is expected to commence revenue
generation in the second half of this financial year. Declared Dividend • Jul 03
Final dividend of S$0.005 announced Dividend of S$0.005 is the same as last year. Ex-date: 7th August 2025 Payment date: 21st August 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 29% to shift the payout ratio to a potentially unsustainable range, which is more than the 13% EPS decline seen over the last 5 years. Announcement • Jul 02
MTQ Corporation Limited, Annual General Meeting, Jul 31, 2025 MTQ Corporation Limited, Annual General Meeting, Jul 31, 2025, at 10:00 Singapore Standard Time. Location: carlton hotel, empress ballroom 4, level 2, 76 bras basah road, singapore 189558, Singapore Reported Earnings • May 14
Full year 2025 earnings released: EPS: S$0.016 (vs S$0.043 in FY 2024) Full year 2025 results: EPS: S$0.016 (down from S$0.043 in FY 2024). Revenue: S$63.3m (down 14% from FY 2024). Net income: S$3.49m (down 64% from FY 2024). Profit margin: 5.5% (down from 13% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Apr 15
Sumardi bin Sidi and Mdm Noorin binte Ahmad completed the acquisition of Pemac Pte Ltd from MTQ Corporation Limited (SGX:M05) for SGD 5.5 million. Sumardi bin Sidi and Mdm Noorin binte Ahmad agreed to acquire Pemac Pte Ltd from MTQ Corporation Limited (SGX:M05) for SGD 5.5 million on January 24, 2025. On the date of completion a cash consideration of SGD 3.2 million will be paid by the buyer. The balance sale price of SGD 2.3 million shall be paid in four equal installments. As part of consideration, SGD 5.5 million is paid towards common equity of Pemac Pte Ltd, subject to adjustments set out in the share purchase agreements. The use of proceeds will go to fund and reinforce its primary operations in Singapore and Middle East and to reinvest in other core business segments.
As of September 30, 2024, Pemac Pte Ltd reported total common equity of SGD 4.79 million.
The transaction is subject to approval by regulatory board / committee, approval by the board of MTQ Corporation Limited and approval of the shareholders of MTQ Corporation Limited. The expected completion of the transaction is April 1, 2025. As of March 28, 2025, the deal has been recommended by the board of MTQ Corporation Limited. As of April 14, 2025, the transaction has been approved by the shareholders of MTQ Corporation Limited.
Donaldson and Burkinshaw LLP acted as the legal advisor for MTQ Corporation Limited.
Sumardi bin Sidi and Mdm Noorin binte Ahmad completed the acquisition of Pemac Pte Ltd from MTQ Corporation Limited (SGX:M05) on April 14, 2025. Announcement • Jan 28
Sumardi bin Sidi and Mdm Noorin binte Ahmad agreed to acquire Pemac Pte Ltd from MTQ Corporation Limited (SGX:M05) for SGD 5.5 million. Sumardi bin Sidi and Mdm Noorin binte Ahmad agreed to acquire Pemac Pte Ltd from MTQ Corporation Limited (SGX:M05) for SGD 5.5 million on January 24, 2025. On the date of completion a cash consideration of SGD 3.2 million will be paid by the buyer. The balance sale price of SGD 2.3 million shall be paid in four equal installments. As part of consideration, SGD 5.5 million is paid towards common equity of Pemac Pte Ltd, subject to adjustments set out in the share purchase agreements.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is April 1, 2025. Declared Dividend • Nov 03
First half dividend of S$0.005 announced Dividend of S$0.005 is the same as last year. Ex-date: 8th November 2024 Payment date: 20th November 2024 Dividend yield will be 4.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (27% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 01
MTQ Corporation Limited Announces One-Tier Tax Exempt Interim Dividend for the Year Ending March 31, 2025, Payable on November 20, 2024 MTQ Corporation Limited announced a one-tier tax-exempt interim dividend of 0.5 Singapore cents per ordinary share has been declared for the financial year ending 31 March 2025. Members whose securities accounts with The Central Depository (Pte) Limited (the CDP) are credited with shares as at 5.00 p.m. on 11 November 2024 will be entitled to the Interim Dividend. Payment of the Interim Dividend will be made on 20 November 2024. Reported Earnings • Oct 31
First half 2025 earnings released: EPS: S$0.01 (vs S$0.034 in 1H 2024) First half 2025 results: EPS: S$0.01 (down from S$0.034 in 1H 2024). Revenue: S$37.2m (down 1.2% from 1H 2024). Net income: S$2.21m (down 71% from 1H 2024). Profit margin: 5.9% (down from 20% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 29
MTQ Corporation Limited Approves One-Tier Tax Exempt Final Dividend for the Financial Year Ended 31 March 2024, Payable on August 22, 2024 MTQ Corporation Limited announced at the AGM held on July 30, 2024, approved the payment of one-tier tax exempt final dividend of 0.50 Singapore cents per ordinary share for the financial year ended 31 March 2024 and the final dividend, if approved, would be paid on 22 August 2024, was duly proposed by the Chairman. Declared Dividend • Jul 01
Final dividend of S$0.005 announced Dividend of S$0.005 is the same as last year. Ex-date: 6th August 2024 Payment date: 22nd August 2024 Dividend yield will be 3.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 29
MTQ Corporation Limited, Annual General Meeting, Jul 30, 2024 MTQ Corporation Limited, Annual General Meeting, Jul 30, 2024, at 10:00 Singapore Standard Time. Location: carlton hotel, empress ballroom 4, level 2, 76 bras basah road, singapore 189558, Singapore Announcement • Jun 01
MTQ Corporation Limited Announces Group Chief Executive Officer Changes MTQ Corporation Limited announced the appointment of Asif Salim Vorajee as Group Chief Executive Officer. Appointment Date is July 1, 2024. As part of the Group's strategy succession planning, Mr. Kuah Boon Wee ("Mr. Kuah") will step down as Group Chief Executive Officer. This is an executive position and Mr. Vorajee will be accountable to the Board for the overall performance of MTQ Group's business operations and strategic planning. Working Experience is Managing Director of MTQ Oilfield Services W.L.L (a subsidiary of the Company) January 2012 - Present. Professional Qualifications are Master of Engineering (Honors) in Mechanical Engineering - University of Birmingham, UK. New Risk • May 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 159% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (S$77.6m market cap, or US$57.6m). Reported Earnings • May 12
Full year 2024 earnings released: EPS: S$0.043 (vs S$0.017 in FY 2023) Full year 2024 results: EPS: S$0.043 (up from S$0.017 in FY 2023). Revenue: S$73.7m (down 12% from FY 2023). Net income: S$9.70m (up 161% from FY 2023). Profit margin: 13% (up from 4.4% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • May 11
MTQ Corporation Limited Announces Committee Changes, Effective 16 May 2024 The Board of Directors of MTQ Corporation Limited announced the appointment of Ms Ho Gek Sim Grace, Independent Director, as a member of the Nomination and Remuneration Committee with effect from 16 May 2024. Following the appointment, the composition of the Board Committees with effect from 16 May 2024 is as follows: Audit Committee: Mr. Chew Soo Lin- Chairman; Mr. Ho Han Siong Christopher- Member; Mr. Nicholas Campbell Cocks- Member. Nomination and Remuneration Committee: Mr. Nicholas Campbell Cocks- Chairman; Mr. Ong Eng - Member; Mr. Chew Soo Lin-Member; Ms Ho Gek Sim Grace - Member. Announcement • Jan 16
MTQ Corporation Limited Appoints Adel Khalil Ebrahim Almoayyed as Non-Executive Independent Director MTQ Corporation Limited announced appointment of Adel Khalil Ebrahim Almoayyed as Non-Executive Independent Director. Date of appointment of January 16, 2024. Working Experience is as follows Present: Retired 2015 to 2019: Member of the Board of Directors of BAPCO 2012 to 2015: Chairman of the Board of Directors of Bahrain Petroleum Company ("BAPCO"). Other DirectorShips are Past July 2015 to June 2019 - Member of the Board of Directors of Bahrain Petroleum Company ("BAPCO"). Professional Qualifications are BSc in Geology, Cairo University (Egypt) BSc in Petroleum Engineering (Honors), University of Tulsa, Oklahoma (USA). New Risk • Oct 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 204% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.0% increase in shares outstanding). Market cap is less than US$100m (S$69.7m market cap, or US$50.9m). Announcement • Oct 26
MTQ Corporation Limited Announces One-Tier Tax-Exempt Interim Dividend for the Financial Year Ending 31 March 2024, Payable on 17 November 2023 The board of directors of MTQ Corporation Limited announced A one-tier tax-exempt interim dividend of 0.5 Singapore cents per ordinary share has been declared for the financial year ending 31 March 2024. the Share Transfer Books and Register of Members of MTQ Corporation Limited will be closed on 7 November 2023 for the purpose of determining the entitlements of members of the Company (the "Members") for the Interim Dividend. Members whose securities accounts with The Central Depository (Pte) Limited are credited with shares as at 5.00 p.m. on 6 November 2023 will be entitled to the Interim Dividend. Duly completed registrable transfers in respect of shares not registered in the name of the CDP, together with all relevant documents of title thereto, received by the Company's Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd., at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632, up to 5.00 p.m. on 6 November 2023 will be registered to determine Members' entitlement to the Interim Dividend. Payment of the Interim Dividend will be made on 17 November 2023. Reported Earnings • Jul 05
Full year 2023 earnings released: EPS: S$0.017 (vs S$0.006 in FY 2022) Full year 2023 results: EPS: S$0.017 (up from S$0.006 in FY 2022). Revenue: S$83.8m (up 61% from FY 2022). Net income: S$3.72m (up 182% from FY 2022). Profit margin: 4.4% (up from 2.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • May 12
Full year 2023 earnings released: EPS: S$0.017 (vs S$0.006 in FY 2022) Full year 2023 results: EPS: S$0.017 (up from S$0.006 in FY 2022). Revenue: S$83.8m (up 61% from FY 2022). Net income: S$3.72m (up 182% from FY 2022). Profit margin: 4.4% (up from 2.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Apr 07
Non-Executive Chairman exercised options to buy S$921k worth of stock. On the 4th of April, Kok Kim Kuah exercised options to buy 4m shares at a strike price of around S$0.22, costing a total of S$881k. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. Since June 2022, Kok Kim has owned 54.80m shares directly. Company insiders have collectively bought S$903k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Nov 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non-Executive Director Grace Ho was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
First half 2023 earnings released: EPS: S$0.008 (vs S$0.005 in 1H 2022) First half 2023 results: EPS: S$0.008 (up from S$0.005 in 1H 2022). Revenue: S$34.9m (up 40% from 1H 2022). Net income: S$1.79m (up 68% from 1H 2022). Profit margin: 5.1% (up from 4.3% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Oct 28
MTQ Corporation Limited Appoints Ho Gek Sim Grace as Independent Director MTQ Corporation Limited on the recommendation of the Nomination and Remuneration Committee, has considered Ms Ho Gek Sim Grace's credentials and is of the view that her expertise and experience will contribute positively to and supplement the existing expertise and experience of the Board members. Her appointment will enhance the diversity and independent elements of the Board. April 2022 to present: Advisor, SWAT Mobility Pte Ltd. (Global) 2019 to March 2022: President, SWAT Mobility Pte Ltd. (Global) 2017 to 2019: Chief Marketing & Communication Officer, and Strategy Leader (Asean), IBM Global Services Pte Ltd. (Asean) 2015 to 2017: Chief Commercial Officer & Managing Director (Group Sales), Singapore Post Limited (Global) 2013 to 2015: Head of Marketing & Managing Director, SAP Asia Pte Ltd. (Asia Pacific & Japan) 2010 to 2013: Country President (Singapore) & Head of Solutions Sales (Apac & Japan), Motorola Solutions (Asia Pacific & Japan) Professional Qualifications - MBA (Finance & Marketing), The Australian Graduate School of Management, University of New South Wales (Sydney, Australia) - Bachelor of Sciences (Biochemistry & Microbiology), The National University of Singapore. Announcement • Aug 27
MTQ Corporation Limited Approves One-Tier Final Dividend for the Financial Year Ended 31 March 2022, Payable on 23 August 2022 MTQ Corporation Limited at Annual General Meeting held on 28 July 2022, approved the payment of one-tier final dividend of 0.50 Singapore cents per ordinary share for the financial year ended 31 March 2022 and the final dividend would be paid on 23 August 2022. Reported Earnings • Jun 30
Full year 2022 earnings released: EPS: S$0.006 (vs S$0.035 loss in FY 2021) Full year 2022 results: EPS: S$0.006 (up from S$0.035 loss in FY 2021). Revenue: S$52.0m (up 6.1% from FY 2021). Net income: S$1.32m (up S$8.86m from FY 2021). Profit margin: 2.5% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Jun 29
MTQ Corporation Limited, Annual General Meeting, Jul 28, 2022 MTQ Corporation Limited, Annual General Meeting, Jul 28, 2022, at 10:00 Singapore Standard Time. Agenda: To receive and adopt the Directors' Statement and the Audited Financial Statements of the Company for the financial year ended 31 March 2022 together with the Independent Auditor's Report thereon; to declare a one-tier tax exempt final dividend of 0.5 Singapore cents per ordinary share for the financial year ended 31 March 2022. (2021: A one-tier tax exempt final dividend of 0.5 Singapore cents per ordinary share); to re-elect the following Directors of the Company retiring pursuant to Article 91 of the Company's Constitution: Mr. Kuah Kok Kim and Mr. Nicholas Campbell Cocks; to re-appoint Ernst & Young LLP as the Company's Auditor and to authorise the Directors to fix its remuneration; and to consider other matters. Announcement • Jun 28
MTQ Corporation Limited Proposes One-Tier Tax-Exempt Final Dividend, Payable on August 23, 2022 MTQ Corporation Limited will be closed on 8 August 2022 for the purpose of determining the entitlements of members of the Company (the Members) for the proposed one-tier tax-exempt final dividend of 0.5 Singapore cents per ordinary share (the Proposed Final Dividend). The Proposed Final Dividend is subject to Members' approval at the Annual General Meeting scheduled to be held on 28 July 2022 (the AGM). Members whose securities accounts with The Central Depository (Pte) Limited (the CDP) are credited with shares as at 5.00 p.m. on 5 August 2022 will be entitled to the Proposed Final Dividend. Payment of the Proposed Final Dividend (subject to Members' approval at the AGM) will be made on 23 August 2022. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Non-Executive Non-Independent Director Eng Yaw Ong was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
First half 2022 earnings released: EPS S$0.005 (vs S$0.012 in 1H 2021) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2022 results: Revenue: S$24.9m (down 4.3% from 1H 2021). Net income: S$1.07m (down 58% from 1H 2021). Profit margin: 4.3% (down from 9.8% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 02
Full year 2021 earnings released: S$0.035 loss per share (vs S$0.032 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: S$49.1m (down 34% from FY 2020). Net loss: S$7.54m (down 209% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
Full year 2021 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: S$49.1m (down 34% from FY 2020). Net loss: S$7.54m (down 209% from profit in FY 2020). Announcement • May 12
MTQ Corporation Limited Proposes Final Cash Dividend Tax-Exempt (One-Tier) for the Year Ended March 31, 2021 MTQ Corporation Limited proposed final cash dividend of 0.5 cents per ordinary share Tax-exempt (one-tier) for the year ended March 31, 2021. The proposed final dividend, if approved at the forthcoming Annual General Meeting, will be paid at a date to be announced later. Notice will be given at a later date on the closure of the Share Transfer Books and Register of Members to determine the shareholders' entitlement to the proposed final dividend. Is New 90 Day High Low • Jan 20
New 90-day high: S$0.24 The company is up 41% from its price of S$0.17 on 19 October 2020. The Singaporean market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 14% over the same period. Reported Earnings • Oct 31
First half earnings released Over the last 12 months the company has reported total profits of S$7.59m, with earnings increasing by S$8.62m from the prior year. Total revenue was S$65.9m over the last 12 months, down 55% from the prior year. Announcement • Aug 10
MTQ Corporation Limited to Report Q3, 2020 Results on Feb 06, 2020 MTQ Corporation Limited announced that they will report Q3, 2020 results at 9:29 PM, GMT Standard Time on Feb 06, 2020