BH Global (BQN) H1 2024 earnings summary

Executive summary

• 1H2024 revenue was $29.542m, up 1% YoY; profit for the period fell 45% to $551k, mainly as selling and distribution expenses increased.

• Maritime activity recovery lifted Electrical and Technical Supply revenue, while Security and Integration Engineering revenue declined.

Financial highlights

• Gross profit was $11.835m, down 1% YoY; other operating income rose 33% to $698k, mainly on higher foreign exchange gains.

• Profit before tax was $1.102m, down 25% YoY; tax expense was $551k versus $468k.

• Profit attributable to equity holders was $934k, down 39% YoY; basic and diluted EPS was 0.31 cents versus 0.51 cents.

• Selling and distribution expenses increased 10% to $7.507m, mainly due to higher personnel-related and R&D costs, partly offset by lower inventory write-downs.

Outlook and guidance

• Maritime businesses face disruption from geopolitical tensions, trade policies, shifting routes and IMO regulations; supply-chain resilience remains a priority.

• Digitalisation creates efficiency and safety opportunities, while rising cyberattacks on critical infrastructure support demand for cyber-security services.

• Decarbonisation requirements create opportunities in Green LED retrofitting, vessel electrification, green energy storage and GRE piping solutions.