SIA Engineering Company reports 'more than double' y-o-y net profit of $27 million

The group also recorded an operating profit of $0.4 million for 2QFY2023, the first quarter of profit recorded since the pandemic.

SIA Engineering Company (SIAEC) has recorded a net profit of $27.0 million for 1QFY2024 ended June 30, which has more than doubled y-o-y.

The group also recorded an operating profit of $0.4 million for this quarter, an improvement of $4.4 million y-o-y, and also the first quarter of profit recorded at the operating level since the onset of the pandemic in 4QFY2019.

Excluding the impact of wage support recorded in the same quarter last year, operating performance improved by $13.0 million.

Driven by higher demand for maintenance, repair and operations (MRO) work, the SIAEC’s revenue for the first quarter of FY2023-FY2024 increased 52.7% y-o-y to $261.9 million. Even though expenditure also increased, it grew at a slightly lower rate of 49% to $261.5 million, mainly due to higher manpower costs and material costs, as well as the absence of government wage support.

During the quarter, the number of flights handled by its line maintenance unit in Singapore recovered to 84% of pre-pandemic volume, an increase of 69% year-on-year and 11% higher than last quarter.

As at June 30, equity attributable to owners of the parent was $1.7056 billion, an increase of $39.5 million or 2.4% from the first quarter, mainly due to profits earned in the first quarter of the financial year.

Total assets stood at nearly $2.1 billion, an increase of $67.5 million or 3.4% from 1QFY2023.  Basic earnings per share and net asset value per share are 2.41 cents and $1.52 respectively.

Shares in SIAEC closed 1 cents higher or 0.62% up at $2.42 on July 25.

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