Ley Choon Group (Q0X) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 4.2% YoY to S$129.1m and net profit increased 18.1% to S$10.9m; gross profit grew 28.9% on a higher-value project mix.

• Unfulfilled order book stood at S$258.5m as of 31 March 2024, about 2 times FY2024 revenue, with recognition expected over 24–36 months.

Financial highlights

• Revenue was S$129.140m versus S$123.921m in FY2023, up 4.2% YoY.

• Gross profit increased to S$21.097m from S$16.370m, up 28.9% YoY.

• Net profit rose to S$10.914m from S$9.239m, up 18.1% YoY.

Outlook and guidance

• The S$258.5m unfulfilled order book is expected to be progressively recognised over the next 24–36 months.

• Management expressed optimism about replenishing and expanding the order book in the coming year, supported by Singapore’s ongoing underground utility replacement cycle.