- BRC Asia (SGX:BEC)'s FY22 revenue soared 45% y-o-y to S$1.7bn due to higher volume and prices, largely in line with expectations. The strong revenue growth can be attributed to
- higher sales volume, owing to 15.3% higher construction spend of S$28.8bn in FY22 vs S$25.0bn in FY21 and
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- BRC Asia's FY22 net profit surged 92% y-o-y to S$90.2m, exceeding expectations. There was an improvement in the gross margin from 7.0% in FY21 to 9.0% in FY22. This was largely due to a net reversal of S$12.8m in provisions for onerous contracts in FY22 vs a provision of S$45.3m in FY21.
- In line with higher gross profit margins, net profit margins also rose by 1.3 percentage points y-o-y in FY22 to 5.3%. With strong revenue growth and an improvement in margins, BRC Asia’s profit reached a record high.
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- Orderbook as at end-September 2022 stands at S$1.4bn vs S$1.2bn in end-September 2021.
BRC Asia - Outlook
Challenges in operating environment to be mitigated by steady construction demand.
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