BRC Asia (BEC) H2 2024 earnings summary

Executive summary

• FY2024 net profit reached a record S$93.5 million, up 23% YoY; this included a one-off S$16.5 million gain from disposal of an associate.

• Revenue fell 9% YoY to S$1.481 billion as lower steel prices weighed on sales, while gross profit rose 11% to S$153.8 million.

Financial highlights

• FY2024 operating profit rose 22% YoY to S$111.2 million; operating expenses increased 16% to S$63.9 million.

• 2H FY2024 revenue declined 21% YoY to S$723.1 million; gross profit fell 8% to S$79.1 million, while operating profit grew 10% to S$64.2 million.

• FY2024 other income increased 56% YoY to S$22.5 million, led by the S$16.5 million associate disposal gain and a S$1.2 million fair value gain on investment securities.

Outlook and guidance

• Sales order book was S$1.4 billion, with projects extending up to five years and subject to change; the pipeline and domestic construction activity support long-term prospects.

• Robotics and other automation tools are being introduced in factory operations to improve efficiency and prepare for a larger-scale industry recovery.