Boustead Singapore reported 13% higher y-o-y total profit of $25.9 million for 1HFY2022 ended September, while net profit fell 2% y-o-y at $21.3 million.
After adjusting for other gains and losses net of non-controlling interests, impairments and the Jobs Support Scheme, net profit for 1HFY2022 would have been 24% lower y-o-y.
Overall revenue was 17% higher y-o-y at $340.3 million, "with the Covid-19 pandemic appearing to have a marginal impact on the Group’s overall revenue performance, although there was high variability in the impact on each division’s revenue performance", says the company in a Nov 12 press release.
The Board has declared an interim dividend of 1.5 cents per share, a 50% increase compared to this time last year.
The Group’s net asset value per share was 89.2 cents at the end of 1HFY2022, compared to 92.3 cents at the end of FY2021 and 73.6 cents at the end of 1HFY2021.
See: Boustead Projects reverses into the black with earnings of $5.9 mil in 1HFY2022
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During 1HFY2022, cash and cash equivalents (after taking into account the effects of currency translation) decreased by $108.9 million to $370.9 million.
The net cash position declined to $362.8 million at the end of 1HFY2022, translating to a net cash per share position of 75.1 cents. In addition, the Group held $95.0 million in investment securities at the end of 1HFY2022.
The Group’s current order backlog of $342 million (unrecognised project revenue remaining at the end of 1HFY2022 plus the total value of new orders secured since then) remains "marginally healthy", although it is significantly lower than the $650 million announced a year earlier, says the company.
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“As the Covid-19 situation gradually improves globally, we hope to see the business outlook progressively get better over the remainder of FY2022. Nonetheless, the Group will continue to apply strict cost management measures and a risk-managed approach to business opportunities and investment decisions to weather any potential disruptions and strengthen our resilience," says Wong Fong Fui, chairman and Group CEO of Boustead.
Shares in Boustead closed 4 cents higher or 4% up, at $1.04 on Nov 12.
