GRP (BLU) H2 2024 earnings summary

Executive summary

• FY2024 continuing revenue fell 4.9% YoY to $17.97m; continuing net loss narrowed to $0.36m from $5.74m, aided by a non-recurring $4.75m gain on derecognising a PRC advance.

• The Hose and Marine segment was classified as discontinued operations after a decision to sell it; the Perak affordable-housing project faced contractor disputes and delays.

Financial highlights

• Revenue was $17.965m versus $18.895m in FY2023; continuing loss before tax was $58k versus $5.343m, and total loss after tax was $833k versus $6.361m.

• Continuing operations recorded a $363k net loss; discontinued operations added a $470k loss.

• Other operating income included a $4.747m non-recurring gain on derecognition of the PRC advance; a $2.130m ECL allowance and $1.626m provision for liquidated damages offset the improvement.

• Cash and bank balances were $17.567m; total assets were $45.410m, liabilities $12.553m, and shareholders’ funds $33.900m at 30 June 2024.

Outlook and guidance

• Priority is resolving the EESB dispute and containing delay impacts on the Perak affordable-housing project; execution of works resumed on 17 August 2024.

• Plans include reprioritising to pursue new business opportunities and broaden the earnings base under new leadership.

• No FY2024 dividend was proposed, citing weak market conditions and continued funding needs for the Malaysia housing project.