Eneco Energy (R14) H1 2025 earnings summary

Executive summary

• For the six months ended 31 Dec 2024, revenue was S$15.49m, net profit S$0.54m and EBITDA S$3.13m.

• FY2024 revenue rose 2% to S$31.30m, while the year ended with a S$715k net loss versus S$115k net profit in FY2023.

• Richland Logistics Services remained the main revenue contributor, with resilient performance and improvement versus the previous six months.

Financial highlights

• H1 net cash generated from operations was S$3.0m; total equity was S$19.40m and cash and bank balances were S$12.35m at 31 Dec 2024.

• FY2024 operating cash flow was S$4.03m; year-end cash and cash equivalents were S$4.65m.

• FY2024 depreciation and amortisation rose to S$6.09m from S$4.90m, while finance costs increased to S$752k from S$252k, mainly reflecting the renewed warehouse lease.

Outlook and guidance

• Priorities include improving operational efficiency, expanding logistics revenue streams and value propositions, and pursuing profitable contracts with positive cash flows.

• Exploring M&A in new markets and business areas to build a diversified portfolio of profitable, cash-generative businesses; no FY2024 dividend was recommended pending financial improvement.