Nam Lee Pressed Metal Industries (G0I) H1 2024 earnings summary

Executive summary

• H1 2024 returned to profit, with profit after tax of S$2.6m versus a S$2.3m loss in H1 2023; stronger reefer-container demand and construction product mix lifted gross profit.

• Revenue rose 8.4% YoY to S$78.5m; operating profit was S$4.3m versus an operating loss of S$2.2m.

Financial highlights

• Gross profit more than doubled to S$11.9m from S$5.8m; gross margin increased to 15.2% from 8.0%.

• Profit before tax was S$3.8m versus a S$2.5m loss; income tax expense was S$1.2m versus a S$0.1m credit.

• Administrative expenses increased to S$5.0m from S$4.2m, while other operating expenses fell to S$1.5m from S$2.7m, mainly on lower FX losses.

Outlook and guidance

• For the next 12 months, a cautious, flexible approach is planned, with attention to regulatory changes, operational efficiency and selective improvements.

• Gradual reefer-container demand recovery and resilient construction activity supported H1 performance; these markets remain key areas of focus.