Eneco Energy (R14) H2 2024 earnings summary

Executive summary

• 1H 2024 revenue was S$15.214m, down 2% YoY; a S$300k continuing-operations pretax loss replaced S$420k profit, and net loss was S$406k versus S$541k profit.

• Logistics revenue eased amid lower local transport, FCL volumes and terminal services; improvements in supply chain management, sea freight forwarding and brokerage partly offset the declines.

Financial highlights

• Revenue was S$15.214m versus S$15.493m YoY; other income rose to S$753k from S$712k.

• Total costs and operating expenses increased 3% to S$16.267m; salaries fell S$600k, while depreciation and amortisation rose S$667k.

• Continuing operations recorded a S$406k net loss; discontinued operations contributed S$314k profit after tax, leaving a S$406k net loss for the period.

Outlook and guidance

• For H2 2024, opportunities may come from warehousing and logistics as Singapore manufacturing and trade-related sectors are expected to gradually improve; plans include cost control and customer-focused supply chain solutions.

• Focus remains on profitable, positive-cash-flow contracts and developing sustainable medium- to long-term revenue and profit streams.