Eneco Energy (R14) H1 2024 earnings summary

Executive summary

• FY2023 continuing revenue was S$30.563m, down 5% YoY; profit from continuing operations after tax fell to S$83k from S$295k.

• Total FY2023 profit was S$115k versus S$2.048m in FY2022, with discontinued operations contributing S$32k versus S$1.753m.

Financial highlights

• Continuing revenue fell to S$30.563m from S$32.019m; service costs rose to S$9.817m from S$9.619m, while salaries and benefits fell to S$14.683m from S$16.196m.

• Continuing profit before tax declined 41% YoY to S$483k; continuing income tax expense was S$400k versus S$517k.

• Net operating cash inflow was S$4.786m versus S$5.718m; cash and cash equivalents ended FY2023 at S$14.865m versus S$16.216m.

• Net assets were S$20.114m at 31 Dec 2023 versus S$20.121m a year earlier.

Outlook and guidance

• Warehousing and logistics in Singapore remain key growth drivers; focus will be on profitable, cash-generative contracts, cost controls, customer collaboration and sustainable revenue streams.