BRC Asia reported higher 1HFY24 earnings of S$38.5m (+47.0% y-o-y), driven by increased contributions from the higher-margin steel fabrication segment and lower raw material costs. Facing favourable tailwinds, BRC Asia is expected to see earnings continue on an upward momentum going into 2HFY24.
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Robust 1HFY24 results.
BRC Asia (SGX:BEC) reported higher 1HFY24 revenue and PATMI of S$758.3m (+5.8% y-o-y) and S$38.5m (+47.0% y-o-y) respectively, forming 43.8% and 43.4% of our full-year estimates and in line with our expectations, given that 1H is historically a seasonally weaker half.
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For 2QFY24, revenue was softer (-4.4% y-o-y, -10.0% q-o-q) which we reckon was due to lower contributions from the lower-margin international trading segment. However, 2QFY24 gross profit (+33.9% y-o-y, +10.7% q-o-q) and net profit (+47.5% y-o-y, +24.7% q-o-q) surged from increased deliveries.
Higher interim dividend.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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