- In 1HFY24, Boustead Singapore (SGX:F9D)’s total revenue and gross profit jumped 49% and 42% y-o-y to S$367.9m and S$105.3m respectively, underpinned by strong performance across all segments with the exception of Healthcare. This translates to a gross profit margin of 29%, which is flattish vis-à-vis 30% in 1HFY23.
Boustead’s 1HFY24 performance exceeded our expectations
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- Boustead also enjoyed a higher contribution from BPL on the back of increased shareholding following the close of its voluntary unconditional cash offer in Mar 2023, as well as higher interest income during the period. These were partially offset by higher overhead expenses and a share of loss from associates and joint ventures. As a result, net profit grew by a narrow 19% y-o-y to S$26.9m.
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- Boustead has declared an interim dividend of S$0.015 per share, which is flat y-o-y and constituted 36% of our initial forecast. See Boustead's dividend dates.
Positive contract win momentum in 1HFY24 builds a strong foundation for 2HFY24 performance
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