- SATS (SGX:S58)’s 4QFY24 revenue rose 179.8% y-o-y to S$1.3b, on the back of continued aviation recovery and on-track integration of WFS. Growth was broad-based across both Gateway Services (+326.5% y-o-y) and Food Solutions (+27.2% y-o-y).
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4QFY24 PATMI rose 4.1% q-o-q despite seasonally lower volumes.
- Operating profit was back to black at S$88.8m, versus a loss of S$4.6m in 4QFY23. Share of associates and joint ventures (SoAJV) also benefited from the aviation recovery, up 75.6% y-o-y at S$30.9m. On a q-o-q basis, revenue was down 1.2% due to seasonally weaker volumes.
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FY24 revenue met our expectations, but bottom line posted a strong beat
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