Yahoo Finance BRC Asia reports 1HFY2024 earnings of $38.5 mil, up 47% y-o-y
BRC Asia's order book as at end-March was $1.3 billion
BRC Asia's revenue for 1HFY2024 was up just 6% y-o-y to $758.2 million but with higher margins, the company's earnings increased by 47% y-o-y to $38.5 million.
The steel supplier plans to pay an interim dividend of 6 cents, representing a 43% payout ratio.
As at March 31, its order book has reached $1.3 billion, in line with a healthy level of construction activity.
"BRC's growth trend aligns with the recovery path of Singapore's economy and the local construction sector, as evidenced by its swift resurgence from the 2023 headwinds and achieving a substantial net profit of S$38.5 million in 1H FY2024," says CEO Seah Kiin Peng.
"We are greatly encouraged by the rising construction demand in both public and private sectors, which is anticipated to further strengthen our order book, thereby enhancing our
revenue visibility and fuelling our growth."
BRC Asia shares closed May 8 at $1.97, down 0.51% for the day but up 9.44% year to date.
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