BH Global (BQN) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 7% to S$59.2m, gross profit increased S$1.3m to S$24.4m, and profit for the year rose to S$2.7m from S$2.1m.

• Performance benefited from Electrical and Technical Supply and Cyber Security; transformation priorities remain environmental initiatives, maritime electrification and digitalisation.

Financial highlights

• Revenue was S$59.154m versus S$55.186m; gross profit was S$24.402m versus S$23.136m in FY2022.

• Operating profit was S$2.885m versus S$1.964m; profit before tax was S$3.615m versus S$2.430m; profit for the year was S$2.668m versus S$2.120m.

• Profit attributable to equity holders was S$3.456m versus S$2.871m; basic and diluted EPS rose to 1.15 cents from 0.96 cents.

• Operating cash flow was S$5.336m versus cash used of S$0.583m; cash and cash equivalents ended FY2023 at S$5.105m.

Outlook and guidance

• Continued investment in R&D, partnerships and maritime electrification aims to address decarbonisation opportunities in Singapore and regional markets.

• Cyber Security plans to extend regional and global reach, including maritime clients; Omnisense is developing US direct and OEM channels and engaging Middle Eastern and European markets.

• A final dividend of 0.7 Singapore cent per ordinary share, totaling S$2.1m, was recommended for shareholder approval.