Fu Yu Corporation (F13) Q1 2024 TU earnings summary

Executive summary

• 1Q2024 revenue more than doubled to S$78.9 million; net profit was S$5,200, reversing a S$2.4 million net loss in 1Q2023.

• Biomedical project wins and cleanroom construction support a shift toward higher-value manufacturing and precision tooling.

Financial highlights

• Revenue rose to S$78.9 million from S$36.0 million, driven by supply chain services; gross profit increased 15.3% YoY to S$4.1 million.

• Net profit of S$5,200 compared with a S$2.4 million net loss in 1Q2023; manufacturing business recorded a net loss.

Outlook and guidance

• Focus remains on expanding the project pipeline and executing strategic initiatives to support growth in the coming year.

• Transformation aims to move up the value chain in biomedical manufacturing, with an emphasis on higher-precision core tooling.