EnGro Corporation (S44) H1 2024 earnings summary

Executive summary

• 1H2024 revenue rose 21.3% YoY to $83.6m, but net profit fell to $20k from $2.5m, reflecting a $1.5m one-off JV disposal loss and $2.6m unrealized fair value losses.

• Reported profit attributable to owners was $428k; basic and diluted EPS were 0.36 cents, versus 1.83 cents in 1H2023.

Financial highlights

• Revenue increased 21.3% YoY to $83.6m; other income rose 11.5% to $2.3m.

• Profit before tax declined 83.0% to $500k; profit for the period was $20k versus $2.516m in 1H2023.

• Operating activities used $7.1m cash, while investing activities generated $2.6m and financing activities used $8.2m.

• Cash and cash equivalents were $60.9m at 30 June 2024, down $9.3m YoY.

Outlook and guidance

• Integral Cement and RMC prospects are supported by Singapore and Malaysia construction projects; Singapore RMC is expanding with a Pulau Punggol Timor plant.

• Specialty Polymer demand is expected to improve; a new Indonesia compounding plant is scheduled to start operations by year-end.

• No dividend was declared or recommended for the current interim period; policy is to pay an annual dividend.