ES Group (Holdings) Limited provided preliminary unaudited consolidated group earnings guidance for the financial year ended 31 December 2023. For the year, the group expects to report an increase in net loss as compared to the prior financial year ended 31 December 2022. The increase in net loss for the fiscal year 2023 is mainly attributable to a drop in gross profit from the new building and repair segment due to depressed pricing and increased operating cost.

In the fiscal year 2023, lesser vessels came to the shipyards for repair jobs, which has resulted in stiff competition among subcontractors to lower their price tremendously to secure the limited jobs available.