Intraco (I06) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 19.9% to S$182.8m; reported profit after tax was S$2.1m, while excluding impairment-reversal effects, profit was S$0.9m versus a S$0.6m loss in FY2023.

• Strategic focus shifted toward trading, distribution, trade finance and digital-token advisory following approval of the passive fire protection divestment.

• FY2024 ended with S$62.7m net asset value, S$23.0m net cash and S$10.5m in other short-term investments.

Financial highlights

• Revenue was S$182.845m, up from S$152.469m YoY; gross profit increased to S$4.791m from S$4.611m.

• Profit from continuing operations was S$2.054m versus S$3.896m; total profit after tax was S$2.058m versus S$3.214m, including discontinued-operation results.

• Operating activities result was S$3.596m versus S$1.079m; profit before tax was S$1.818m versus S$4.217m.

• Adjusted for the prior-year S$3.8m and FY2024 S$1.1m trade-receivable impairment reversals, FY2024 net profit after tax was S$0.9m versus an adjusted FY2023 net loss of S$0.6m.

• Other income rose to S$0.929m from S$0.467m, including S$0.612m of trade finance income; administrative expenses increased to S$5.772m from S$5.315m.

Outlook and guidance

• FY2025 priorities include expanding regional plastics-resin supply chains and customer reach, growing trade finance and supply-chain solutions, and developing digital-token advisory and payment-related opportunities.

• Tradetok is in discussions to establish a private-credit sub-fund focused on trade and supply-chain financing; participation as a shareholder is intended.

• A S$0.005-per-share final dividend was proposed, subject to shareholder approval; completion of the fire protection disposal and related capital reduction remains subject to regulatory approval.