Intraco (I06) H2 2023 earnings summary

Executive summary

• FY2023 revenue fell 17.8% YoY to S$158.6m; profit after tax was S$3.214m, versus a S$1.336m loss in FY2022, aided by a S$3.8m reversal of prior impairment allowances.

• The three-year transformation roadmap reached its halfway point; strategic priorities include scaling tokenised finance and widening payment-services capabilities.

Financial highlights

• Revenue was S$158.579m, down from S$192.893m; gross profit decreased 4.7% to S$8.183m.

• Profit before tax was S$3.521m versus a S$1.349m loss; profit attributable to equity holders was S$3.180m, versus a S$1.323m loss.

• Administrative expenses declined to S$8.918m from S$9.549m; finance income rose to S$1.622m, while finance costs increased to S$0.551m.

• Cash and bank balances increased to S$29.606m; investments were S$16.002m and total net asset value was S$61.761m at year-end.

Outlook and guidance

• FY2024 priorities are execution of the remaining transformation roadmap, growing digital-asset issuance volumes and broadening the accredited-investor base.

• The board proposed a final dividend of 0.5 Singapore cent per share, subject to shareholder approval; this would be the first dividend in 13 years.