- Riverstone (SGX:AP4)'s 1Q24 core earnings grew 56.5% y-o-y to MYR70.6m, accounting for 26% and 27% of our and Street expectations. We deem the results as above expected, given that Riverstone’s 1H results were seasonally weaker (accounting for 24% of the group’s full-year core earnings in 2019).
- - Read this at SGinvestors.io -
Results overview.
- Riverstone's 1Q24 core profit came in above expectations, underpinned by higher sales volume from the cleanroom gloves segment following the recovery of the semiconductor and consumer electronic industries.
- - Read this at SGinvestors.io -
- On a sequential basis, revenue was higher while gross profit grew 7.2% q-o-q. Core profit margin contracted by 4.9ppts q-o-q to 28.3%, driven by an increase in performance incentives.
- Riverstone declared an interim dividend of MYR0.04, representing a payout ratio of 82%. See Riverstone's dividend dates.
Outlook.
- Read more at SGinvestors.io.
