Lion Asiapac (BAZ) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 36% YoY to S$41.2m; net profit was S$1.452m versus a S$3.004m loss, with the acquired roofing business contributing new recurring revenue and profits.

• Year-end net assets were S$60.4m and working capital S$54.5m; no FY2024 dividend was recommended to conserve cash for operations.

Financial highlights

• Revenue was S$41.193m versus S$30.357m; profit before tax was S$1.534m versus a S$2.903m loss; net profit was S$1.452m versus a S$3.004m loss.

• Gross profit margin was 16.3% versus 4.7%; net profit margin was 3.5% versus negative 9.9%; EBITDA was S$3.025m versus a S$2.249m loss.

• Other income and gains included S$0.979m negative goodwill from the acquisition and a S$0.201m reversal of a natural-gas compensation claim.

• Operating cash flow was negative S$4.750m versus positive S$1.894m; cash and cash equivalents on the balance sheet were S$42.340m, down from S$48.046m.

Outlook and guidance

• The economic outlook remained uncertain; management indicated a prudent approach to challenges while seeking new opportunities.

• No FY2024 dividend was recommended, with cash to be conserved for future operations in support of the business strategy.