Boustead Singapore (F9D) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 37% YoY to S$767.6m; net profit increased 42% to S$64.2m, supported by stronger gross profit and interest income.

• PBT rose 31% to S$100.4m, the highest core PBT excluding FY2021’s one-off Boustead Industrial Fund value-unlocking gain.

• Engineering order backlog stood at ~S$247m, while Geospatial reported a record deferred services backlog of S$129m.

Financial highlights

• Gross profit rose 44% YoY to S$226.7m; gross margin increased to 30% from 28%.

• Operating profit rose 50% YoY to S$81.7m, mainly on higher Geospatial and Energy Engineering gross profit.

• Net profit attributable to equity holders increased 42% YoY to S$64.2m; adjusted for other gains/losses and impairments, net of NCI, it rose 101% to S$63.3m.

• EPS increased 42% YoY to 13.4 cents; revenue and gross profit gains reflected stronger contributions from Geospatial, Real Estate Solutions and Energy Engineering.

Outlook and guidance

• Cautiously optimistic amid a challenging global environment; healthy enquiry pipelines, particularly in Energy Engineering and Geospatial.

• Barring unforeseen circumstances and disruptions, satisfactory FY2025 results are expected.

• FY2025 focus includes rebuilding the engineering order backlog, particularly for Real Estate Solutions.