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Boustead reports 42% y-o-y increase in net profit of $64.2 mil for FY2024

Notwithstanding other gains/losses and impairments and non-controlling interests, net profit would be 101% higher.

Boustead Singapore has reported a net profit of $64.2 million for the FY2024 ended March 31, 2024, a 42% y-o-y increase from the same period a year before.

The group says that after adjusting for other gains/losses and impairments, all net of non-controlling interests, net profit would have been 101% higher y-o-y.

Boustead’s overall revenue for the full year came in at $767.6 million, 37% higher y-o-y due to significantly better revenue contributions from the Geospatial Division, Real Estate Solutions Division and Energy Engineering Division.

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The Geospatial Division’s revenue was 27% higher y-o-y at $212.7 million, with growth across all key markets and boosted by a landmark enterprise agreement in Australia.

Meanwhile, the Real Estate Solutions, the group’s largest revenue contributor for the 17th successive year, saw a 30% y-o-y increase in revenue at $369.5 million, riding on significant revenue recognition of the engineering & construction (E&C) business’ sizeable order backlog carried forward at the end of FY2023.

However, business conditions during FY2024 remained extremely challenging and severely affected business development activities, resulting in the securing a few small E&C contracts and one major variation order.

The group’s profit before tax was the “higher level of core profit before tax” excluding FY2021 which benefited from the one-off value-unlocking gain from the successful launch of Boustead Industrial Fund. It came in at $100.4 million.

This brings its earnings per share to 13.4 cents for the full year, a 42% y-o-y increase from the 9.4 cents from FY2023.

The board has proposed a final dividend of 4.0 cents per share with the option for it to be taken in cash and/or scrip, for shareholders’ approval. This takes the total dividend proposed and
paid for FY2024 to 5.5 cents per share, higher than the total dividend paid for FY2023 of 4.0 cents per share.

The group’s engineering order backlog currently stands at approximately $247 million, of which $129 million is under the Energy Engineering Division and $118 million is under the Real Estate Solutions Division.

Wong Fong Fui, Chairman & group CEO of Boustead said: “The business environment for FY2024 has actually been extremely challenging, with strong geoeconomic and geopolitical headwinds, compounded by multiple ongoing conflicts and wars. This affected our business development activities and resulted in our lowest intake in engineering contracts in almost two decades. Our efforts will be centred on rebuilding the order backlog, particularly for the Real Estate Solutions Division (Boustead Projects) in the coming year.”

Shares in Boustead Singapore F9d closed 2 cents higher or 2.051% up at 99.5 cents.

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