Vicom posts 31% rise in FY18 earnings to $34.7 mil on higher revenue, one-off gain; declares special dividend

SINGAPORE (Feb 11): Vicom reports full-year earnings of $34.7 million for the FY18 ended December, 30.9% higher than earnings of $26.5 million a year ago.

This was mainly due to an increase in revenue and a one-off net gain in other income.

FY18 revenue rose 3.1% to $100.1 million, from $97.0 million a year ago, on the back of higher business volumes.

Vicom also register other income of $7.7 million in FY18. This was derived from a net gain on the surrender of lease of the property at 18 Teban Gardens Crescent to Jurong Town Corporation.

Earnings per share (EPS) rose to 39.15 cents for FY18, compared to EPS of 29.90 cents a year ago. Net asset value (NAV) increased to 170.16 cents, from 167.34 cents a year ago.

As at end December, cash and cash equivalents stood at $104.1 million.

Vicom has proposed a final dividend of 23.17 cents for FY18, which is 1.3% higher than the final dividend of 22.88 cents a year ago.

The group has also announced a special dividend of 8.62 cents for FY18. There was no special dividend paid out a year ago.

Looking ahead, Vicom says the vehicle testing business is expected to remain stable barring further drops in Certificate of Entitlement prices.

It adds that it will continue to look at introducing new services in the non-vehicle testing business to mitigate any drop in demand resulting from the slowing Singapore economy.

Shares in Vicom closed flat at $6.10 on Monday.