Fu Yu Corporation (F13) Q3 2024 TU earnings summary

Executive summary

• 9M2024 revenue rose 55.2% YoY to S$162.0M; operating profit of S$0.8M reversed a S$6.5M operating loss in 9M2023.

• Net loss narrowed to S$1.9M from S$5.8M, including forex loss and taxation of S$2.7M.

Financial highlights

• 3Q2024 revenue increased 7.6% YoY to S$35.7M, driven by improved manufacturing performance.

• 9M2024 group gross profit rose 27.5% to S$12.1M from S$9.5M; gross margin was 7.5% versus 9.1%, mainly due to revenue mix.

• EBITDA before forex increased to S$6.4M from S$0.1M; manufacturing EBITDA before forex was S$6.0M versus S$0.3M.

Outlook and guidance

• Transformation priorities include upgrading manufacturing capabilities, moving toward higher-precision products and expanding into emerging industries.

• Priorities include securing biomedical customers and maintaining a healthy project pipeline; business momentum in medical products is expected to grow progressively.