BBR Holdings (S) (KJ5) H1 2024 earnings summary

Executive summary

• H1 2024 revenue rose 1.3% YoY to $110.3m, while gross profit fell 29.7% to $12.0m and profit before tax declined 26.4% to $3.3m.

• Profit attributable to equity holders increased 13.8% to $2.4m; EPS rose to 0.74 cents from 0.65 cents.

Financial highlights

• Revenue increased to $110.3m from $108.9m; cost of sales rose 7.1% to $98.3m, outpacing revenue growth.

• Gross profit decreased to $12.0m from $17.1m; gross margin was 10.9% versus 15.7% in H1 2023.

• Profit for the period fell 15.9% to $2.7m from $3.2m; profit attributable to equity holders rose 13.8% to $2.4m as non-controlling interests’ share declined.

• Finance costs fell 18.6% to $3.0m, supported by partial long-term bank debt repayment and lower interest paid to non-controlling shareholders.

Outlook and guidance

• Construction demand from public and private sectors was expected to remain steady; execution focus remained on the order book and pursuing new projects.

• Construction order book stood at $437m at 30 June 2024; The LINQ was on track for Temporary Occupancy Permit, with expected completion in FY2025.

• Accommodation opportunities were to be explored following the Homestay Lodge acquisition; no dividend was recommended for H1 as cash was being conserved for operations and expansion.