Aspen (Group) Holdings (1F3) H1 2024 earnings summary

Executive summary

• H1 FY2024 revenue was RM146.2m, while net profit was RM94.3m, including a RM98.0m gain from deconsolidating Aspen Glove following its winding-up order.

• Property development remained the main revenue contributor; the period also included completion of the Global Vision Logistics disposal.

Financial highlights

• Revenue was RM146.2m, down 1% YoY; gross profit rose 15% to RM28.8m.

• Operating activities generated RM103.5m profit versus RM1.7m; the result included RM98.0m gain on deconsolidation of Aspen Glove.

• Profit for the period was RM94.3m versus RM7.2m; continuing-operations profit was RM97.7m versus a RM3.5m loss.

• Operating cash flow was RM40.1m versus RM62.0m; cash and cash equivalents at period-end were RM15.0m versus RM28.5m at prior-year period-end.

Outlook and guidance

• Profit for H1 FY2024 was in line with profit guidance issued on 1 February 2024.

• VILUXE Phase 1 completion and CCC are targeted for Q3 FY2024; the Versa launch is expected to support revenue over the next six months.

• New launches are planned to capitalize on market sentiment; other potential projects will be announced as material developments arise.